July 23, 2015

Corn

CBOT Prices Two Rivers Cash Bid Prices
Sep ‘15 392’4 -10’6 July ‘15 357’0 -10’0
Dec ‘15 402’6 -11’0 Aug ‘15 357’0 -10’0
Mar ‘16 412’6 -10’6 FH Sep ‘15 354’0 -10’0
May ‘16 418’2 -11’0 NC ‘15 356’0 -11’0

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Aug ‘15 991’2 -18’6 July ‘15 957’0 -11’0
Sep ‘15 967’2 -19’0 Aug ‘15 950’0 -13’0
Nov ‘15 965’0 -15’4      
Jan ‘16 970’6 -15’4 NC ‘15 895’0 -15’0
  • The sharply lower trend continues with grains losing additional weather premium.
  • Improving crop, stronger dollar, poor China economic news and fund liquidation all negative.
  • Cash rumor today suggests 8-10 cargo loads of Brazilian corn has been sold into Wilmington, NC for Aug-Dec
  • Gold @ 5.5-yr low, copper @ 6-yr low, platinum @ 6.5-yr low; general commodity weakness continues.
  • Equities in China finish lower after manufacturing data came in at a 15 month low.
  • Export demand has been improving this week as US values become competitive.
  • USDA announced another 220 kmt of new crop US beans were sold to China.
  • Weekly total of 520 kmt of new crop beans to China plus another 110 kmt to unknown.
  • USDA announced 231 kmt of corn to Mexico, 104 kmt wheat to Taiwan and 116 kmt sorghum to unknown.
  • Cattle on Feed later @ 101.9% of last year; placements @ 100.9% and marketings 94.6% of LY. Bearish numbers
  • Commitment of Traders report showed funds bought 72,496 corn contracts, now at 247,791 long
  • Bean purchases of 8,870 contracts, now at 82,379 long
  • Both corn and bean long positions quite a bit more longer than the trade anticipated
  • Could help provide some support Sunday evening
July 23, 2015