Corn
| CBOT Prices | Two Rivers Cash Bid Prices | ||||
| Jul ‘16 | 390’0 | -9’4 | May ‘16 | 346’0 | -12’0 |
| Sep ‘16 | 392’4 | -9’6 | June ‘16 | 348’0 | -11’0 |
| Dec ‘16 | 397’2 | -8’6 | July ‘16 | 350’0 | -12’0 |
| Mar ‘17 | 405’0 | -8’2 | NC ‘16 | 349’0 | -9’0 |
Soybeans
| CBOT Prices | Two Rivers Cash Bid Prices | ||||
| Jul ‘16 | 1071’4 | -3’6 | May ‘16 | 996’0 | -1’0 |
| Aug ‘16 | 1073’0 | -4’0 | June ‘16 | 996’0 | -1’0 |
| Sep ‘16 | 1062’0 | -4’0 | July ‘16 | 996’0 | -4’0 |
| Nov ‘16 | 1053’4 | -4’0 | NC ‘16 | 973’0 | -14’0 |
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Sharply lower markets across the board for grains, although soybeans did rally to close 20 cents off day’s lows
July corn wiping out a good chunk of the previous 5 days gain
July beans traded to the lowest price since the May report.
Bearish news today includes spillover weakness from China & the stronger dollar, up 231 ticks
An improved weather outlook for both the Midwest and the ECB also weighing on futures.
NOAA’s 3-mo outlook is bearish with an equal chance of above or below normal precip.
Metal futures on the Dalian Exchange lose 4% as speculators move away from risk.
Fed comments increased the likelihood of a rate hike; bearish for US exporters.
Weekly export sales were bullish with corn @ 58 mb, beans @ 20.4 and wheat @ 6.4 mb.
In addition, the USDA announced the sale of 129 kmt of beans to China for 2015-16.
EPA proposed the 2017 ethanol mandate @ 14.8 bln gal, an increase from the current 14.5.
US on pace to produce roughly 14.9 bln gal this year; USDA projecting increases for 16/17.