May 17, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 397’0 +3’0 May ‘16 355’0 +15’0
Sep ‘16 399’6 +3’6 June ‘16 357’0 +12’0
Dec ‘16 403’6 +3’6 July ‘16 359’0 +11’0
Mar ‘17 411’4 +3’2 NC ‘16 355’0 +3’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 1080’2 +15’6 May ‘16 1000’0 +15’0
Aug ‘16 1082’4 +15’6 June ‘16 1000’0 +15’0
Sep ‘16 1073’6 +14’2 July ‘16 1005’0 +15’0
Nov ‘16 1067’2 +12’2 NC ‘16 996’0 +12’0

 

Higher markets led by beans & especially meal; wheat leading corn higher.

An impressive technical rally on a day where fresh fundamental news was hard to find.

Soybeans may be forming a flag formation with the pole being last Tuesday’s rally.

If confirmed, that is a bullish technical development

Meanwhile, corn broke through 3.95 resistance with the next target the round $4. April high of 4.07.

Energies continue to rally, nearby WTI back above $48; RBOB up 15 cents in 1 week.

Production issues in Canada & Libya, coupled with terrorist attacks in Nigeria supportive.

Planting progress report showed IN corn planting @ 45% vs 61% avg; OH @ 34% vs 54% avg.

Bean planting progress showed IN  @ 15% vs 31% avg; OH @ 10% vs 28%; MI @ 14 vs 28% avg.

Heavy rains forecasted from Texas to the East coast in the 6 day models

May 17, 2016