September 21, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Dec ‘16 340’0 -0’4 NC ‘16 288’0 Unch.
Mar ‘17 350’0 -0’6 Dec ‘16 306’0 Unch.
May ‘17 357’0 -1’0 Jan ‘17 314’0 -1’0
July ‘17 363’6 -0’4 Feb ‘17 317’0 -1’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Nov ‘16 975’4 -14’2 NC ‘16 901’0 -14’0
Jan ‘17 981’0 -13’6 Dec ‘16 916’0 -9’0
Mar ‘17 984’6 -13’2 Jan ‘17 916’0 -14’0
May ‘17 990’2 -12’4 Feb ‘17 911’0 -14’0

 

Soybeans was a victim of technical pressure after failing to break stiff resistance this morning

Corn saw a very quiet session, having only a 3 cent range for the day

Wheat helped support corn after Egypt cancelled its zero tolerance ergot fungus policy

This may lead to more import tender offers in the coming days or weeks

The USDA announced sales of 120k tons of beans to China, 145k tons of winter wheat to Morocco, 118k tons of beans to Taiwan, 126k tons of beans to unknown, and 116k tons of sorghum to unknown

The Federal Reserve unsurprisingly kept interest rates unchanged for September

They stated that the argument for a rate hike are increasing

The odds increased for a December rate hike and they project another 2 hikes in 2017

GDP growth remains very slow, not expected to exceed 1.8-2.0% growth through 2019

We should be growing 3-4% annually with good fiscal policy

September 21, 2016