July 22, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Sep ‘16 335’0 +0’6 July ‘16 293’0 -1’0
Dec ‘16 341’6 +1’0 Aug ‘16 297’0 Unch.
Mar ‘17 351’4 +1’2      
May ‘17 357’0 +1’0 NC ‘16 296’0 -1’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Aug ‘16 1006’4 -26’0 July ‘16 943’0 -24’0
Sep ‘16 998’6 -26’6      
Nov ‘16 988’2 -24’2      
Jan ‘17 989’2 -23’4 NC ‘16 917’0 -25’0

 

New contract lows for corn; beans sharply lower, while wheat reverses higher. Another ugly day in beans

15-yr seasonal: intermediate low late July, bounce in Aug and new lows in Sep (corn and soy).

Weather premium continues to erode as traders attempt to price in trend line yields.

More rain again last night with 1.5” rains for much of southeast IA and into western IL.

NOAA 8-14 day: below normal temps moves into the N Belt & N Plains, normal temps elsewhere.

Nov beans traded at the lowest level since April. Beans finished well off their low for the day

The outside markets a touch bearish with the dollar higher, crude lower & equities mixed.

Argentine port says corn exports being delayed due to trucker strike; soybean stocks ample.

Before today’s rally, US wheat values were below French wheat for the 1st time this year.

Cattle on Feed estimates: On feed @ 101.6%, Placements @ 106.4 & Marketing @ 109.5% of LY.

The EU approved 3 types of GMO seeds for food/feed use from Monsanto and Bayer.

 

July 22, 2016