June 20, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 421’2 -16’4 June ‘16 371’0 -17’0
Sep ‘16 426’6 -16’0 July ‘16 376’0 -16’0
Dec ‘16 433’6 -15’0 Aug ‘16 381’0 -17’0
Mar ‘17 439’4 -13’0 NC ‘16 385’0 -15’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 1143’4 -16’0 June ‘16 1073’0 -15’0
Aug ‘16 1145’2 -14’6 July ‘16 1073’0 -15’0
Sep ‘16 1136’2 -15’4      
Nov ‘16 1132’6 -15’4 NC ‘16 1058’0 -15’0

 

Grain markets were pressured as rain chances improve this week.

NOAA’s 5 day outlook this morning was 1”+ rains for E NE thru IL; heavier rains far ECB.

Weekend rains fell in E NE into MN and parts of ND and WI; rest mostly dry.

Afternoon weather models showed more heat and less precip for the next 2 weeks, may support markets

Equities and energies were sharply higher and the dollar sharply lower.

Most analysts think Great Britain stays with the EU, odds raised to 72% chance.

The British Pound experienced the strongest daily rally in 5 years on this news.

Export inspections were solid @ 48.6 mb corn, 11.6 mb beans and 21 mb of wheat.

Corn inspections are 7% below ly’s pace (USDA -2%); beans down 7.5% (USDA -4.5%).

Friday’s COT report showed the funds increased their corn length by 44k contracts.

Funds are long 252k corn, 207k beans, 70k meal, 53k bean oil while net short 48k wheat.

Interesting to see monthly rainfall since Sep correlates greatly to 1982-83

Corn condition rating unchanged from last week at 75% good/excellent, beans condition rating fell 1 pt to 73%

 

June 20, 2016