Corn
| CBOT Prices | Two Rivers Cash Bid Prices | ||||
| Jul ‘16 | 344’0 | -9’0 | July ‘16 | 304’0 | -11’0 |
| Sep ‘16 | 350’6 | -9’2 | Aug ‘16 | 313’0 | -7’0 |
| Dec ‘16 | 358’0 | -9’0 | NC ‘16 | 310’0 | -9’0 |
| Mar ‘17 | 367’4 | -8’4 | Dec ‘17 | 322’0 | -9’0 |
Soybeans
| CBOT Prices | Two Rivers Cash Bid Prices | ||||
| Jul ‘16 | 1117’0 | -51’6 | July ‘16 | 1031’0 | -60’0 |
| Aug ‘16 | 1110’0 | -54’2 | |||
| Sep ‘16 | 1091’4 | -57’2 | |||
| Nov ‘16 | 1077’2 | -60’2 | NC ‘16 | 1006’0 | -61’0 |
A bigger sell-off than most had anticipated with Dec corn gapping lower, making new contract lows.
Soybeans also gapping lower with November testing the June lows; Dec wheat to new contract lows.
However, wheat actually finished higher at the close. Bargain hunters likely stepping in
Favorable weather, “risk-off” trade / Brexit fears & spillover pressure from China all bearish.
Commodities, especially the ag sector down sharply in China following friendly economic news.
China had the strongest services growth in 11 months; additional stimulus unlikely.
Brexit fears also on the forefront as the pound drops to another fresh low vs the dollar.
Export inspections solid for corn @ 45.9 mb, beans @ 7 mb and wheat 20.6 mb.
Feed / Res usage for the 1st three quarters of this year was 4.585 bb, down 4.1% from LY.
4th Q feed use needs to reach 665 mb (largest since 08-09) to reach USDA goal; LY was 542.
Panama Canal expansion lowers transit time to Japan by 30-35% for ships previously too large.
FBI findings suggest no reasonable prosecutor should file charges against Hillary.
