May 18, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 399’4 +2’4 May ‘16 358’0 +3’0
Sep ‘16 402’2 +2’4 June ‘16 359’0 +2’0
Dec ‘16 406’0 +2’2 July ‘16 362’0 +3’0
Mar ‘17 413’2 +1’6 NC ‘16 358’0 +3’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 1075’2 -5’0 May ‘16 997’0 -3’0
Aug ‘16 1077’0 -5’4 June ‘16 997’0 -3’0
Sep ‘16 1066’0 -7’6 July ‘16 1000’0 -5’0
Nov ‘16 1057’4 -9’6 NC ‘16 987’0 -9’0

 

Corn, wheat & meal trading mixed to a touch firmer; soybeans moderately weaker.

Opening calls were lower amidst the lack of fresh news and a stronger dollar.

Corn was supported on analysts downsizing the Brazilian safrinha corn crop

Energies closed quietly after making a new multi-month high for 3rd straight day.

Weather models reduced rainfall totals for Friday across the ECB, improving conditions.

Weekly ethanol production showed a 1.5% drop vs LW, down 1.04% from LY.

Ethanol stocks showed a .7% draw from last week, up 3.3% from last year.

Corn usage estimated @ 99.5 mb, needing to a avg 98.2 mb/week to reach goal.

Central Iowa ethanol margins near 16 cents w/o oil extraction, best in 8 months.

DOE report showed a 1.3 mln barrel build; trade expectations were a 3 to 4 mln brl draw.

Average US corn export prices running $11-13 below South American offers

Pligrim’s Pride CEO:  instead of hedging grain, we are going to pass price risk onto customers.

 

May 18, 2016