July 6, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 335’6 -8’2 June ‘16 295’0 -9’0
Sep ‘16 341’4 -9’2 July ‘16 304’0 -9’0
Dec ‘16 348’2 -9’6 Aug ‘16 300’0 -10’0
Mar ‘17 357’6 -9’6 NC ‘16 312’0 -10’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 1106’2 -10’6 July ‘16 1028’0 -3’0
Aug ‘16 1101’4 -8’4      
Sep ‘16 1084’6 -6’6      
Nov ‘16 1073’2 -4’0 NC ‘16 1002’0 -4’0

 

The perfect storm for the bears continued due to weather, ratings & “risk-off” Brexit fears.

Overnight rains spread from S MN & southwest WI thru northeast IA & into central IL and IN.

Dry regions throughout the Corn Belt have/are forecasted to shrink from 33% to just 10 – 15%.

For the 3rd week in a row, corn ratings held unchanged while traders anticipated a 1-2 pt drop.

NOAA maps continued to suggest above normal precip in the 6-10 and 8-14 day outlook.

Longer term forecasts look to have dried out a bit in the afternoon models

Technically, Aug beans fell below the 50 Day & below $11 before rallying over 25 cents at session’s end

Nearby corn takes out yesterday’s low with next target being the Sep ’14 low @ 3.18.

FOMC comments they didn’t want to make interest rate decisions until more Brexit impact is known

Congress to vote on the GMO labelling today, superseding individual state mandates.

 

July 6, 2016