May 3, 2106

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 378’2 -12’0 May ‘16 338’0 -12’0
Jul ‘16 379’6 -12’0 June ‘16 337’0 -12’0
Sep ‘16 381’4 -10’6 July ‘16 342’0 -12’0
Dec ‘16 387’0 -9’4 NC ‘16 340’0 -9’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 1021’4 -14’0 May ‘16 944’0 -14’0
Jul ‘16 1030’0 -13’6 June ‘16 947’0 -14’0
Aug ‘16 1032’0 -12’0 July ‘16 947’0 -14’0
Nov ‘16 1010’2 -7’4 NC ‘16 936’0 -8’0

 

Bearish outside reversals are was scored for corn & wheat; beans following suit as well

Crop loss ideas out of S America & fresh spec interest was initially bullish beans.

July beans traded to a 16 mo high while the nearby dollar index traded to a 15 mo low.

Grain markets gave up early gains as crude oil and equities both fall sharply lower.

Crude pressured for the 3rd session; rising supplies to continue longer than forecasted.

The dollar made an impressive turnaround, now trading higher after scoring new lows.

Argentina’s weather bureau estimates the bean crop loss @ 9 mmt (15%) due to heavy rains.

Celeres of Brazil lowered their 2nd corn crop estimate by 10% to 52.8 mmt.

Informa left Arg bean crop @ 55 mmt and Brazil’s @ 100 mmt; lowered Brazil’s corn 2.7 mmt.

Informa also raised world 2016 wheat crop by 4.8 mmt due to higher EU and FSU forecasts.

 

May 3, 2106