May 26, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 408’2 +3’4 May ‘16 360’0 -1’0
Sep ‘16 410’4 +3’2 June ‘16 363’0 Unch.
Dec ‘16 409’6 +1’2 July ‘16 366’0 +1’0
Mar ‘17 416’4 +1’2 NC ‘16 361’0 +1’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘16 1079’6 -5’6 May ‘16 1004’0 -6’0
Aug ‘16 1077’2 -4’4 June ‘16 1004’0 -6’0
Sep ‘16 1061’6 -3’6 July ‘16 1004’0 -6’0
Nov ‘16 1050’4 -3’6 NC ‘16 980’0 -3’0

 

On a reversal of the recent trend, wheat led corn and beans higher.

Early calls were higher with “risk-on” mentality being the main focus.

Crude to 6-mo high, corn @ 7-mo, beans @ 20 mo high, & meal to new contract highs.

Weekly export sales were very strong for corn and beans but net cancellations for wheat.

Corn sales @ 54.4 mb, beans @ 16.8 mb and wheat -.4 mb; bean commits now 100% of goal.

USDA announced the sales of 188kmt of old and 65kmt of new crop corn, (Taiwan & unknown).

Drought Monitor looks unchanged; no abnormally dry areas for IA, IL, IN, NE, KS, WI, MI or OH.

Equities turned lower; Yellen to speak tomorrow at a much anticipated Harvard event.

World bean stocks to use ratio is projected to drop to 20.8% for the 2016/17 crop year.

The last time world stocks to usage ratio was this tight?  2012 when the ratio hit 20.7%.

 

May 26, 2016