September 22, 2016

Corn

CBOT Prices Two Rivers Cash Bid Prices
Dec ‘16 336’6 -3’2 NC ‘16 285’0 -3’0
Mar ‘17 346’6 -3’2 Dec ‘16 302’0 -4’0
May ‘17 354’0 -3’0 Jan ‘17 311’0 -3’0
July ‘17 360’6 -3’0 Feb ‘17 314’0 -3’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Nov ‘16 976’4 +1’0 NC ‘16 902’0 +1’0
Jan ‘17 982’0 +1’0 Dec ‘16 917’0 +1’0
Mar ‘17 986’0 +1’2 Jan ‘17 917’0 +1’0
May ‘17 991’2 +1’0 Feb ‘17 912’0 +1’0

 

Corn finished lower following a ‘buy the rumor, sell the fact’ day following the export sales report

Soybeans supported today by the strength in the soyoil contract again

Palm oil prices set a new high close for the contract today, supporting world vegoil prices

The trade expects a considerable bounceback in palm oil production to resolve some of the shortage

Export sales report showed good sales for corn and wheat while beans were a tad lower than expected

China sold 127k tons of the 3.6 million offered in their weekly sales offerings.  It is 2013 corn BTW

They sold the corn for $6.01/bu, which is above the cost to import from other countries

Heavy rains reported in parts of the northern Midwest, but not expected to be detrimental nationally

Forecasts expected to be above normal temps and dry in the 6-10 day while wetter in the 8-14 day

The quarterly stocks and acreage report is released on Sep 30 and has a history of volatility

September 22, 2016