May 9, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 367’6 -8’2 May ‘16 327’0 -9’0
Jul ‘16 369’0 -8’4 June ‘16 327’0 -8’0
Sep ‘16 371’0 -8’4 July ‘16 331’0 -9’0
Dec ‘16 377’0 -7’6 NC ‘16 330’0 -7’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 1018’6 -7’4 May ‘16 947’0 -5’0
Jul ‘16 1026’4 -8’2 June ‘16 947’0 -8’0
Aug ‘16 1028’6 -8’2 July ‘16 952’0 -3’0
Nov ‘16 1015’6 -6’2 NC ‘16 945’0 -6’0

 

Markets turned bearish as we approach tomorrow’s S&D report at 11am

The dollar index was 232 points higher, the 5th consecutive day higher; metals and energies were lower.

Crude oil started the day higher but turned $1 lower which has weighed on grains.

Forest fires in CA were supportive but Saudi Arabia removing their oil minister bearish.

Weather delays this week across the Midwest with 1-3” rains to reach IA, MO, IL and IN.

Crop Progress showed corn planting at 64% complete, slower than anticipated. 69% last year & 50% on average

Soybean plantings are at 23% complete, also slower than anticipated. It was 26% last year and 16% on average

Wheat conditions are at 62% good/excellent, 1 point higher than last week and above 44% last year & 40% avg.

USDA announced the sale of 170 kmt of old crop US corn to Japan & 120 kmt to unknown buyer.

Export inspections were strong for corn @ 44.9 mb; beans @ 4.1, wheat 18.3 mb.

Chinese equities are sharply lower following an official warning their recovery will be “L-shaped”.

Friday’s COT report showed the funds sellers of bean oil, corn and small sellers of wheat.

The funds were long 167k beans, 43k meal, 71k bean oil, 71k corn and net short 62k wheat.

May 9, 2016