May 2, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 390’2 Unch. May ‘16 350’0 Unch.
Jul ‘16 391’6 Unch. June ‘16 349’0 Unch.
Sep ‘16 392’2 +0’4 July ‘16 354’0 +1’0
Dec ‘16 396’4 +1’2 NC ‘16 349’0 +2’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 1035’4 +14’4 May ‘16 958’0 +17’0
Jul ‘16 1043’6 +14’0 June ‘16 961’0 +16’0
Aug ‘16 1044’0 +13’4 July ‘16 961’0 +16’0
Nov ‘16 1017’6 +10’0 NC ‘16 944’0 +10’0

 

Favorable weather pressured corn and beans early on as we began a new month of trading.

Values closed higher at the end of the session, led by the soybean rally

A drier two-week outlook for Argentina, some rainfall for dry regions of Brazil.

COT report showed the funds net long 80k corn, 160k beans & short 61k wheat.

The funds were massive buyers of 217k corn contracts in 2 weeks, including 111k last week.

The dollar index is @ a 6.5 month low; gold @ 15- mo high; silver @ 15-mo high.

Weekly export inspections for corn @ 45.6 mb, beans 5.5 and wheat 13.1 mb.

US corn plantings were at 45% complete and beans at 8%. ; Wheat ratings at 61% good/excellent

Wheat ratings are much stronger than both last year and versus 5-year average

May deliveries – 0 corn/meal; soy 171; SRW 544; HRW 761; soyoil 2851; oats 137.

Traders await China’s corn reserve policy; rumors the gov’t will make direct sales to users.

Direct sales will cut red tape of auctions; some feel gov’t surplus could exceed 225 mmt.

 

May 2, 2016