April 13, 2016

Justin Huebner, Grain Division Manager Grain Commentary

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 373’4 +10’6 Apr ‘16 344’0 +8’0
Jul ‘16 377’0 +11’4 May ‘16 347’0 +10’0
Sep ‘16 379’0 +11’0      
Dec ‘16 384’0 +9’6 NC ‘16 336’0 +10’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘16 955’6 +19’4 Apr ‘16 894’0 +18’0
Jul ‘16 964’4 +19’6 May ‘16 894’0 +18’0
Aug ‘16 966’2 +19’4      
Nov ‘16 966’0 +18’2 NC ‘16 896’0 +18’0

 

Another impressive rally as corn and beans both make new highs for the move.

Nearby corn above the 100 day MA to a 2-mo high; beans @ 8 mo high, up 5.3% in 4 days.

News that China’s exports picked up 11.5% in March supporting grains and equities.

China’s bean imports for March were 6.1 mmt, 36% higher than the same month last year.

Adding to recent bullishness has been wet weather concerns in Argentina; dry weather in Brazil.

Brazil considers scrapping their 10% corn import tariff as the livestock industry seeks cheaper supplies.

Newswires suggests 5% of Argentina’s soy harvest has been damaged with more rains forecasted.

USDA announced the sale of 110,800 tonnes of US corn to Japan for 2015-16 delivery.

Weekly ethanol production dropped 3.9% vs LW, up 1.5% versus a year ago.

Ethanol stocks rose .46% from a week ago, up 8.1% from last year.

Corn usage for ethanol estimated @ 98.5 mb, needing to avg 98.3 mb to reach goal.

Crude oil has turned mixed despite a bearish stocks report showing a 6.6 mb build.

April 13, 2016