October 5, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Dec ‘16 347’6 -0’4 NC ‘16 301’0 Unch.
Mar ‘17 357’4 -0’6 Dec ‘16 313’0 -1’0
May ‘17 364’4 -0’6 Jan ‘17 322’0 Unch.
July ‘17 371’4 -0’4 Feb ‘17 325’0 Unch.

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Nov ‘16 956’6 -6’6 NC ‘16 887’0 -7’0
Jan ‘17 963’4 -5’6 Dec ‘16 899’0 -5’0
Mar ‘17 970’2 -5’6 Jan ‘17 899’0 -5’0
May ‘17 976’4 -5’4 Feb ‘17 894’0 -5’0

 

Corn values hung in there pretty well today despite soybean weakness

Wheat was the leader on the day as that corn/wheat spread had gotten out of whack and needed correction

The dust has settled from the uneventful stocks report last week.  Next USDA report is October 12

Crude oil was higher on OPEC may set a higher price objective

Informa released their updated yield estimates this morning.  They are as follows:

Corn yield 174.5 bpa vs 174.8 bpa last month

Bean yield 51.6 bpa vs 49.5 bpa last month

They also raised bean acres 322,000 & corn acres 676,000

Weather models look good for extended forecasts.  Above normal temps and below normal rainfall

USDA announced they will pay $7 billion to farmers in ARC and Price Loss programs for 2015 due to falling prices

These payments may account for 10% of farm income due to income being the lowest since 2009

October 5, 2016