November 5, 2015

Corn

CBOT Prices Two Rivers Cash Bid Prices
Dec ‘15 374’4 -6’0 NC ‘15 346’0 -6’0
Mar ‘16 382’6 -5’4 Dec ‘15 351’0 -6’0
May ‘16 389’0 -5’2 Jan ‘15 347’0 -5’0
Jul ‘16 394’0 -5’0 Feb ‘15 348’0 -6’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Nov ‘15 867’6 -14’2 NC ‘15 809’0 -20’0
Jan ‘16 864’0 -20’0 Dec ‘15 813’0 -20’0
Mar ‘16 866’2 -20’2 Jan ‘15 809’0 -20’0
May ‘16 871’2 -20’2 Feb ‘15 811’0 -20’0

 

  • Corn and soybean markets traded lower as both commodities lack a demand story.
  • Disappointing weekly  export sales weighed on prices today
  • Soybean export sales of 24.09 million bu. was a marketing year low.
  • YTD soybean sales now stand at 1.026 billion bu., 21.6% below last year while the USDA is estimating sales to be down 9% from last year. Weekly sales need to average 15.09 million bu. per week over the next 43 weeks to meet the USDA goal of exporting 1.675 billion bu. of soybeans in 2015/16 marketing year.
  • YTD corn exports now stand at 517.5 million bu., 31.6% below last year while the USDA is estimating exports to be down .75%. Weekly sales need to average 30.9 million bu. per week for the remaining 43 weeks to meet the USDA goal of 1.85 billion bu.
  • Reuters article talking about possible port congestion at Brazilian ports due to large corn export program could force soybean demand to the U.S. this winter as Brazil will still be loading corn vessels.
  • The large export program in South America currently causing a 40 day wait time to be loaded
  • Argentina producer reluctant to make sales in hopes the newly elected president in the upcoming election will cut export taxes.
  • Energy markets continuing yesterday’s sell mode

 

 

November 5, 2015