October 6, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Dec ‘16 340’4 -7’2 NC ‘16 294’0 -7’0
Mar ‘17 350’2 -7’2 Dec ‘16 304’0 -9’0
May ‘17 357’4 -7’0 Jan ‘17 309’0 -13’0
July ‘17 364’4 -7’0 Feb ‘17 311’0 -14’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Nov ‘16 958’4 +1’6 NC ‘16 889’0 +2’0
Jan ‘17 964’6 +1’2 Dec ‘16 900’0 +1’0
Mar ‘17 971’0 +0’6 Jan ‘17 900’0 +1’0
May ‘17 976’6 +0’2 Feb ‘17 905’0 +11’0

 

Corn and wheat struggle today as soybeans were able to mount a late-session comeback

Strong export sales outweighed the big yields being reported for soybeans

The USDA announced the sale of 258,000 tons to China despite their week-long autumn holiday

Export commitments are running 6.46 million tons ahead of last year

USDA projects exports to be only 1.2 million tons over last year

Corn export commitments are running 9.57 million tons ahead of last year’s pace

This far better than the USDA’s annual estimate of 6.6 million tons over last year

Brazil announced that they would allow the import of GMO corn from the US

They are in need of corn imports to fill their country’s feed needs, even if it means accepting GMOs

Brazil is expected to get rain in the next 5 days whereas Argentina will get rain in the 6-10 day models

 

October 6, 2016