February 8, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 362’2 -3’4 Feb ‘16 333’0 -4’0
May ‘16 367’0 -3’6 Mar ‘16 337’0 -3’0
Jul ‘16 372’2 -3’6 Apr ‘16 339’0 -4’0
Dec ‘16 377’4 -3’4 NC ‘16 345’0 -3’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 862’4 -5’0 Feb ‘16 807’0 -5’0
May ‘16 866’4 -4’6 Mar ‘16 807’0 -5’0
Jul ‘16 872’4 -5’2      
Nov ‘16 874’4 -5’4 NC ‘16 802’0 -6’0

 

Risk off type attitude as world equities slide lower; crude lower, back below $30/barrel

The Stoxx Europe is lower for the 6th straight day and on its longest losing streak since June.

China’s stocks hit lowest level since May 2012 after PBOC sells US dollars to slow the yuan devaluation.

Weekend rains moved across Argentina, providing a much-needed drink for reproducing crops.

S Africa won’t declare national disaster as recent rains revives hope; imports may be less than feared.

Crude remains weaker after meetings between OPEC and Venezuela failed to produce production cuts.

Friday’s weekly rig count showed a substantial cut by 31 rigs, now @ 467 and down nearly 70% from LY.

Despite the large cut in rigs, production has dropped only slightly as rigs become more productive.

Weekly COT report showed the funds short 59K corn (-87k LW); -26 beans (-30k LW).

Weekly export inspections for beans @ 43 mb, corn @ 17.3 and wheat 14.6 mb.

The USDA announced the sale of 100 kmt of US corn to Mexico for 2015-16 delivery.

WASDE report will be released on Tuesday, most anticipate small increases to US corn, bean & wheat stocks.

 

February 8, 2016