October 19, 2016

Justin Huebner, Grain Division Manager Grain Commentary

Corn

CBOT Prices Two Rivers Cash Bid Prices
Dec ‘16 357’4 +3’6 NC ‘16 310’0 +4’0
Mar ‘17 367’2 +3’6 Dec ‘16 321’0 +4’0
May ‘17 374’0 +3’6 Jan ‘17 326’0 +3’0
July ‘17 380’0 +3’4 Feb ‘17 328’0 +3’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Nov ‘16 981’4 +9’0 NC ‘16 914’0 +10’0
Jan ‘17 990’4 +9’2 Dec ‘16 926’0 +10’0
Mar ‘17 996’6 +9’2 Jan ‘17 926’0 +10’0
May ‘17 1003’4 +9’0 Feb ‘17 931’0 +10’0

 

Corn and soybeans traded higher today, led by soybean strength

Soybeans were propped up by higher palm oil values and talk of a shrinking canola crop

Corn and wheat are running into technical resistance at the 100 day moving average

Weather prospects for the US look good and should allow for rapid harvest pace

Weather in South America brings rain as they continue planting there

Some excess rain has even brought some concern over quality eventually

Argentina is implementing a tax rebate for soybeans in northern provinces to help with exports

This seen as a move from President Macri to buy more votes for the midterm elections in 2017

The CME will keep their current daily price limits for corn at 25 cents/bu per day on November 1st

They will increase daily price limits in soybeans to 70 cents/bu per day

 

October 19, 2016