September 11, 2015

Corn

CBOT Prices Two Rivers Cash Bid Prices
Sep ‘15 374’4 +12’6 FH Sep ‘15 342’0 +14’0
Dec ‘15 387’0 +12’6 NC ‘15 344’0 +13’0
Mar ‘16 398’2 +12’6 Dec ‘15 357’0 +13’0
May ‘16 405’2 +12’6 Jan ‘15 363’0 +13’0

 

Corn closed impressively higher after a bullish USDA report was released late morning. Final carryout for old crop was pegged at 1.732 billion bushels, which was 40 million below last month and 29 million below the average estimates. New crop yield was reduced to 167.4 bu/ac, down 1.4 bu/ac from last month and about what the estimates were. Feed usage was decreased 25 million bushels and other demand was increased 5 million. Feed usage dropping despite the USDA having 2 million more animal units on feed next year results in a bit of a head scratcher. New crop carryout was lowered to 1.592 billion bushels from 1.713 last month and 1.643 from the average estimates.

 

World new crop carryout was lowered from 195.09 million tonnes last month to 189.7 million today. This was also well below the 193.44 million average estimate.

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Sep ‘15 887’2 +3’2 FH Sep ‘15 841’0 +4’0
Nov ‘15 874’ +0’2 NC ‘15 808’0 Unch.
Jan ‘16 869’6 Unch. Dec ‘15 818’0 Unch.
Mar ‘16 871’0 -0’4 Jan ‘15 818’0 Unch.

 

Old crop bean carryout was lowered to 210 million bushels from 240 million last month and the 223 million average trade estimate. New crop yield was increased to 47.1 bu/ac from 46.9 bu/ac last month and above the 46.4 average trade estimate. Domestic crush was increased 10 million bushels and residual was decreased 2 million. New crop carryout was pegged at 450 million bushels, down 20 million from August but still above the 415 million bushel trade estimate.

 

World new crop carryout was lowered from 86.88 million tonnes to 189.7 million today. This was also well below average trade estimates of 193.44 million.

September 11, 2015