November 23, 2015

Corn

CBOT Prices Two Rivers Cash Bid Prices
Dec ‘15 367’2 +4’0 NC ‘15 342’0 +3’0
Mar ‘16 373’0 +3’2 Dec ‘15 344’0 +4’0
May ‘16 378’4 +3’0 Jan ‘15 346’0 +4’0
Jul ‘16 383’4 +2’6 Feb ‘15 349’0 +5’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Nov ‘15 864’2 +6’6 NC ‘15 816’0 +7’0
Jan ‘16 866’2 +5’6 Dec ‘15 816’0 +7’0
Mar ‘16 872’6 +6’0 Jan ‘15 809’0 +6’0
May ‘16 878’4 +6’0 Feb ‘15 811’0 +6’0

 

Sell the rumor, buy the fact type of trade as beans rebound following Argentine Election results.

Macri wins Argentine election on platform to lower export taxes; beans made new contract lows.

Cuts could be more beneficial to corn than beans but corn followed wheat higher early in the session

Both candidates promised cuts to export taxes but Macri also intends to devalue their currency

This friendly to grains there as it gives importers more purchasing power of their commodities

Commodities were higher today despite the dollar rallying to a fresh, 7-mo high.

Crude turned higher despite new lows early; silver, gold & beans @ or near 6-year lows.

USDA: 251,000 tons of previously announced bean sales switched from unknown to China.

Weekly inspections for corn @ 14.7, beans 79.4 mb and wheat @ 10.3 mb.

YTD corn sales are 14% of budget, bean @ 38.7% of budget, (YTD LY we were 17.6% and 38.8%).

COT report showed funds short 85k corn (58k last week), 51k beans (52k LW), & wheat 41 k (21 k LW).

Crude oil was sharply lower but turned higher as Saudi Arabia cries “uncle”.

Saudi states they are ready to cooperate with other oil exporters to support prices.

November 23, 2015