May 5, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 371’6 -1’4 May ‘16 350’0 -3’0
Jul ‘16 373’6 -3’0 June ‘16 349’0 -3’0
Sep ‘16 375’6 -3’2 July ‘16 354’0 -3’0
Dec ‘16 381’4 -3’4 NC ‘16 349’0 -4’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 1003’4 -21’0 May ‘16 929’0 -19’0
Jul ‘16 1012’2 -21’6 June ‘16 932’0 -19’0
Aug ‘16 1014’6 -17’4 July ‘16 932’0 -19’0
Nov ‘16 1001’4 -14’0 NC ‘16 931’0 -11’0

 

From sharply higher to sharply lower, just another day in the bean market.

Huge weekly bean sales of 30 mb old & 15.8 mb new shot July beans 13 cents higher.

Sellers were quick to respond, following the old adage to “sell strong exports”.

Corn sales were @ low end of est @ 30.3 mb while wheat sales came in @ 6.6 mb.

US corn offers are still competitive in export markets, soybeans are undercut by South America still

Bean sales included: 17.8 mb to unknown; also Japan, Germany, France & China.

Deliveries: corn @ 216, beans 691, SRW 286, HRW 189, soyoil 727; no meal deliveries.

In the headlines today, China to cut corn acres by 3.3 mln acres, 1st cut in 13 years.

Crude higher but off the highs, supported by wild fires in Canada & tensions in Libya.

Evacuations near Ft McMurray, Alberta forcing 88k residents to leave their homes.

The evacuations are thought to disrupt as much as 800k bpd of oil sand production.

Kansas wheat yield estimates pegged at 48.6 bu/ac vs. 39.3 last year

Interesting to read Citi Group expects a commodity boom while Goldman sees a bust.

 

May 5, 2016