February 23, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 362’0 -5’4 Feb ‘16 335’0 -6’0
May ‘16 366’6 -5’4 Mar ‘16 337’0 -5’0
Jul ‘16 372’0 -5’2 Apr ‘16 339’0 -5’0
Dec ‘16 386’0 -4’2 NC ‘16 337’0 -4’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 869’2 -11’6 Feb ‘16 815’0 -12’0
May ‘16 873’0 -11’2 Mar ‘16 814’0 -12’0
Jul ‘16 879’0 -10’0      
Nov ‘16 882’2 -9’2 NC ‘16 812’0 -10’0

 

“Risk off” type trade as crude oil loses $1.52 and the Dow loses 189 points.

Technically, March beans looks bearish having lost 19 cents since yesterday’s high.

Selling accelerated as March bean futures drop below the 100 day, 50 day and 20 day MA’s.

Iran rejects oil freeze, calls it a joke; Saudi oil minister rules out any additional production cuts.

Iran is still rebuilding market share after years of sanctions, wants to rebuild to pre-sanctions level.

Fresh grain fundamental news remains scarce – overnight range for March corn was just 1 cent.

Bloomberg poll sees 2016 corn acres at 89.689 million vs 88 million LY; bean acres @ 88.345 vs 82.7 LY.

Same poll sees corn carryout @ 1891 mb vs 1837 TY; bean carry @ 516 vs 450; wheat @ 1005 vs 966 TY.

Argentine grain workers union sees fewer delays/strikes this year, expressing optimism on wage talks.

 

February 23, 2016