April 10, 2018

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘18 389’2 -1’4 Apr ‘18 340’0 -2’0
Jul ‘18 397’6 -1’2 May ‘18 346’0 -2’0
Sep ‘18 404’6 -1’2 June ‘18 345’0 -2’0
Dec ‘18 414’0 -0’6 NC ‘18 365’0 -1’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘18 1050’0 +3’0 Apr ‘18 970’0 +3’0
Jul ‘18 1060’2 +2’6 May ‘18 973’0 +3’0
Aug ‘18 1061’2 +2’6 June ‘18 970’0 +3’0
Nov ‘18 1048’0 +4’6 NC ‘18 964’0 +5’0

 

The monthly USDA update report was released today but held few surprises to the market

The quarterly stocks & acreage report on March 30 took all the fanfare, which can make this one a dud

They increased corn carryout 55 million, decreased soybeans 5 million, and increased wheat 30 million

World carryout was reduced in both corn and soybeans as they account for the South American crops

Corn saw a reduction of 50 million bushels of feed and residual

Traders have long thought the feed number the USDA was using was too optimistic

Soybean crush was increased 10 million bushels, seed and residual were reduced slightly

Soymeal domestic disappearance & exports both increased, but so was production for a net no change

Now the focus will move towards weather and likelihood of planting progress

The southern US is actually ahead of pace but virtually no progress in the Midwest supporting markets

The brief warmup gives way to colder temperatures again in the longer term forecast

April 10, 2018