January 13, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 358’0 +1’2 Jan ‘16 329’0 +1’0
May ‘16 363’0 +0’6 Feb ‘16 331’0 +1’0
Jul ‘16 369’0 +0’6 Mar ‘16 331’0 +1’0
Sep ‘16 375’0 +0’4 Apr ‘16 334’0 Unch.

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jan ‘16 899’0 +8’2 Jan ‘16 829’0 +5’0
Mar ‘16 880’0 +5’4 Feb ‘16 823’0 +5’0
May ‘16 881’6 +4’4 Mar ‘16 823’0 +5’0
Jul ‘16 887’4 +4’0      

 

Higher markets today with bull-spreading the common feature, especially for soybeans.

Short covering from funds looked to be the theme again today

The oil rally has faded as EIA indicated larger than anticipated builds in gas and distillates.

Equities followed suit, Dow back in the red, turned triple digit gains into a triple digit losses.

Chinese import data not as bearish as feared, importing 9.12 mmt of soybeans in Dec.

China imported 6.9% more beans in Dec 15 than Dec 14; 81.7 mmt in all of 2015, up 14%.

That news is encouraging that they were large buyers despite a slowing economy & bad stock market

Weather maps for South America remain the same with improving conditions.

Weekly ethanol prod averaged 1.003 mb/day, up .7% from LW; 2nd highest on record.

Ethanol stocks continue to build, up 1.2% from LW and approaching last spring’s high.

Corn usage estimated @ 105.32 mb, needing to average 98.5 mb to reach goal.

Ethanol production continuing on strong pace despite negative margins currently

Argentina currently offering corn to China 21 cents/bu. cheaper than US offers

January 13, 2016