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.