May 12, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 385’2 +11’2 May ‘16 348’0 +11’0
Jul ‘16 389’0 +11’4 June ‘16 350’0 +12’0
Sep ‘16 391’6 +11’4 July ‘16 351’0 +11’0
Dec ‘16 396’2 +10’6 NC ‘16 349’0 +11’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 1064’4 -5’2 May ‘16 992’0 -6’0
Jul ‘16 1072’0 -6’2 June ‘16 992’0 -6’0
Aug ‘16 1074’0 -6’2 July ‘16 997’0 -6’0
Nov ‘16 1061’2 -4’6 NC ‘16 990’0 -5’0

 

Mixed markets with the grains higher while soybeans and soyoil were pressured. Corn rallies on strong exports

Soybean futures posted consecutive lower daily closes for the 1st time in 5 weeks.

Outside markets have faded as crude & equities have turned lower; correlation remains strong.

On Tuesday, the Dow posted the largest gain since March but Wed the worst loss since Feb.

Weekly exports solid for corn @ 43.5 mb; beans @ 7.8 mb and wheat sales were 10.8 mb.

From here forward, beans need to avg 2.3 mb/wk and corn 11.9 mb to reach USDA goal.

Last year, corn sales averaged 14.5 mb/wk, bean sales averaged 2.7 mb/wk from here forward.

Cold weather this weekend, significant freezes expected for the northern Plains and upper Midwest.

Frosts are expected as far south as N NE and northwest IA Sat; Sunday AM frosts from IA to OH and MI.

Finally!  A ridge of high pressure arrives by late next week, reducing rainfall & bringing warmer temps.

Brazil votes to impeach President Rousseff, forcing her to step down for 180 days

She has been charged with cooking the books in order to get re-elected

She also has ties to Petrobras bribery and corruption cases

May 12, 2016