April 26, 2017

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘17 359’0 -6’0 Apr ‘17 317’0 -6’0
July ‘17 366’6 -5’0 May ‘17 320’0 -6’0
Sep ‘17 373’6 -5’0 June ‘17 323’0 -5’0
Dec ‘17 384’2 -4’6 NC ‘17 334’0 -5’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘17 945’6 -8’6 Apr ‘17 874’0 -9’0
July ‘17 956’4 -8’4 May ‘17 870’0 -9’0
Aug ‘17 958’4 -8’4 June ‘17 872’0 -8’0
Nov ‘17 954’0 -7’6 NC ‘17 873’0 -8’0

 

Corn and beans both came under pressure late in the session with a change in weather forecasts

Today proves the trade is watching updated weather models to trade the market accordingly

Forecasts had called for cool, wet weather the next two weeks

Midday models showed less rain and slightly warmer temperatures to help planted seed germination

Ethanol production dropped again last week as ethanol crush margins continue to tighten

Ethanol stocks also rose despite the reduction in production

Cattle continued their run higher, setting new contract highs despite a slightly bearish Cattle on Feed report last Friday. More cattle on feed hasn’t scared buyers. Cash cattle continue to dominate direction

 

We are seeing fund money leave commodities and moved to the stock market, bearish for grains

Stocks are optimistic on tax cuts for businesses, which pads profits for those businesses

A lack of a fundamental catalyst keeping grains anchored, at least for the current time

April 26, 2017