June 22, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 393’0 -3’2 June ‘16 343’0 -3’0
Sep ‘16 398’2 -4’0 July ‘16 348’0 -3’0
Dec ‘16 404’0 -4’6 Aug ‘16 353’0 -3’0
Mar ‘17 410’6 -5’0 NC ‘16 356’0 -4’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 1137’4 +4’2 June ‘16 1057’0 +6’0
Aug ‘16 1137’2 +4’6 July ‘16 1057’0 +6’0
Sep ‘16 1123’6 +6’0      
Nov ‘16 1116’6 +6’0 NC ‘16 1042’0 +6’0

 

Higher markets led by soybeans as futures bounce back above the 20 day MA.;

Rumors of China buying 2-3 cargoes of old crop beans and 3-5 new crop, supportive.

Overnight rains across parts of IA & IL and most of IN into OH limiting corn strength.

NOAA 6-10 and 8-14 day maps show below-normal precip; temps normal to above.

Yesterday’s 5.7% drop in spot corn futures was the largest daily spot loss since 9/’13.

Funds sold roughly 48k contracts of corn yesterday; some think it was in excess of 80k.

Weekly ethanol production dropped 5% from LW, down 3.2% versus a year ago.

Ethanol stocks declines slightly, down .3% from LW but up 6.4% versus a year ago.

Corn consumption for ethanol estimated @ 101 mb, needs to average 96.1 mb to reach goal.

Ethanol margins for C IA ethanol plant running near 20 cents & best in over a year.

DOE also showed crude oil stocks falling .917 mln barrels, 5th consecutive weekly decline.

World braces for Brexit vote tomorrow; Bank of America expects a 10% drop in equities on yes vote.

 

June 22, 2016