May 30, 2017

Corn

CBOT Prices Two Rivers Cash Bid Prices
July ‘17 367’0 -7’2 May ‘17 318’0 -6’0
Sep ‘17 375’0 -6’6 June ‘17 318’0 -7’0
Dec ‘17 385’6 -6’6 July ‘17 318’0 -6’0
Mar ‘17 395’4 -6’6 NC ‘17 336’0 -7’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
July ‘17 912’6 -13’6 May ‘17 844’0 -13’0
Aug ‘17 916’0 -13’4 June ‘17 844’0 -13’0
Sep ‘17 916’4 -11’2 July ‘17 834’0 -20’0
Nov ‘17 919’6 -9’4 NC ‘17 840’0 -9’0

 

Brutal day in the grain markets with selling the theme from the start with no looking back

Good growing conditions over the weekend and more beneficial forecasts for growing crops ruled

After the bell, corn was reported at 91% complete vs 93% last year and on average

Soybean plantings were at 67% complete vs. 71% last year and 68% on average

Illinois, Indiana, and Ohio are the laggards in the larger producing states

Corn condition ratings were estimated at 65% good to excellent vs. 72% last year and 71.4% average

Trade was looking for at least 70% in order to be more confident about achieving trendline yields

Iowa and Kansas are the only states within a couple percentage points of their 5-year averages

Illinois and Indiana are far behind average.  Replant progress there will be interesting to follow

2-week weather forecasts continue to project cool weather, and a bit drier in the NW corn belt

Traders will continue to trade weather forecasts as we move closer to crucial weather timeframes

May 30, 2017