January 21, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘16 367’0 -1’6 Jan ‘16 338’0 -2’0
May ‘16 371’6 -1’4 Feb ‘16 340’0 -2’0
Jul ‘16 376’6 -1’6 Mar ‘16 340’0 -2’0
Sep ‘16 381’2 -1’6 Apr ‘16 343’0 -1’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jan ‘16 878’4 +4’4 Jan ‘16 823’0 +5’0
Mar ‘16 879’0 +4’2 Feb ‘16 822’0 +5’0
May ‘16 884’2 +4’2 Mar ‘16 822’0 +5’0
Jul ‘16 885’6 +4’2      

 

Commodities (except corn) and equities rebounding following steep losses on Wednesday.

Grains sold off in unison after hitting a wall of technical resistance

Despite mixed to bearish weekly stocks report, crude oil bounced $1.18/barrel.

March corn hit a 1-mo high after closing above the 50 day moving average for the 1st time in 2.5 months.

Fund short-covering evident on positive technicals; March beans was briefly above the 100 day MA.

Intl Grains Council cuts 15-16 world corn production 8 mmt due to S Africa and India.

Farm Futures magazine pegs US corn acres @ 89.5 million, beans @ 82.2 ma; LY was 88 and 82.7 respectively.

Weekly ethanol production dropped 2% versus LW, up .4% versus last year.

Ethanol stocks jumped 2.8% versus LW, up 7.6% from a year ago.

Corn consumption estimated @ 103.22 mb, needing to average 98.3 mb.

Over the past 65 years we have seen 15 years with yields down 4% from trend.

Of these years, 6 occurred following a strong El Nino rapidly changing to La Nina.

 

January 21, 2016