January 12, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 365’4 -3’6 Jan ‘16 338’0 -2’0
May ‘16 370’4 -4’0 Feb ‘16 339’0 -3’0
Jul ‘16 375’2 -3’6 Mar ‘16 339’0 -4’0
Dec ‘16 387’4 -3’4 NC ‘16 339’0 -3’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 867’6 -15’2 Jan ‘16 812’0 -15’0
May ‘16 870’4 -14’6 Feb ‘16 811’0 -15’0
Jul ‘16 876’2 -14’6 Mar ‘16 811’0 -15’0
Nov ‘16 878’0 -14’6 NC ‘16 805’0 -14’0

 

Soybean futures rattled on the announcement that China cancelled 395,000 tons of beans

China cancels every year South America has a large crop but panicked the markets anyway

Corn was pressured on news China booked corn from Ukraine

This undercut U.S. efforts to reduce the large carryout we’re currently facing

The deputy director announced the idea of cutting reserve purchase prices for corn by 20%

This would translate to corn there about $6.15/bu and becomes more competitive to imports

However, this still leaves corn there about 50 cents higher than imported corn values

Potash Corp lowered profit forecasts on low commodity prices and weak world currencies

Beans pressured on improving South American weather, export cancellations, and technicals

Wheat drug corn lower on the removal of Russian export taxes

Crude was higher and the dollar lower, but did nothing to support grains

January 12, 2016