Author: Justin Huebner, Grain Division Manager

Corn & beans struggled to keep the early morning rally intact despite continued export sales reported Another 530,000 metric tonnes of beans was reported sold to China and unknown this morning Another 460,000 metric tonnes of corn was reported sold

Corn CBOT Prices Two Rivers Cash Bid Prices Sep ‘20 347’2 +2’6 Sep ‘20 318’0 +5’0 Dec ‘20 358’0 +4’2 NC ‘20 313’0 +3’0 Mar ‘21 368’4 +3’6 Dec ‘20 317’0 +4’0 May ‘21 374’6 +3’2 Jan ‘21 324’0 +5’0

Corn CBOT Prices Two Rivers Cash Bid Prices Sep ‘20 346’0 +1’6 Aug ‘20 321’0 +2’0 Dec ‘20 359’2 +0’6 Sep ‘20 312’0 +7’0 Mar ‘21 369’2 -0’2 NC ‘20 313’0 Unch. May ‘21 375’6 -0’2 Dec ‘20 318’0 Unch.

Corn CBOT Prices Two Rivers Cash Bid Prices Sep ‘20 340’6 +3’6 Aug ‘20 319’0 +3’0 Dec ‘20 354’4 +4’2 Sep ‘20 305’0 +7’0 Mar ‘21 366’2 +3’4 NC ‘20 313’0 +5’0 May ‘21 372’6 +3’4 Dec ‘20 318’0 +5’0

Grains finished higher with hot, dry forecasts feared to be pushing crops and thus reducing yield I believe the August USDA production numbers are the highest we’ll see this crop year with weather stressing plants along with storm damage ravaging

Corn sold off hard and soybeans rallied on the data released by the USDA for the quarterly report

USDA put corn acres at 91.7 million acres, more than 5 million acres lower than average estimates

An interesting day in the markets today as the market shook off the cold, wet forecasts.  Instead they focused on the USDA release of the MFP 2 program. 

Markets lower today but bounced off the lows following the release of the supply & demand reportThe USDA released their first projections for 2019 crop today

Soybeans led the grain complex higher with ideas of further soybean sales possibleOptimism for sales stems from Chinese trade delegation visiting the US this week

The USDA released their monthly stocks report today and it certainly was a bearish oneCorn stocks was pegged at 8.605 billion bushels vs 8.335 average estimates

Values were higher today despite the weakness of wheat, down 14 cents

Wheat struggled on talk that Russia would not implement export tariffs after all

Grain finished lower today after a strong session yesterday led by talk of trade talks resuming

President Trump yesterday considered increasing tariff from 10% to 25% according to some news

Corn and beans closed higher today with lower crop condition ratings than the trade anticipated

Corn was down 3% and beans were down 2% from the week prior

Commodities struggled today, a day after an overall supportive USDA report was released

Corn found buying interest as traders look for a bargain buy with tighter balance tables

Corn and wheat were the darlings of the grain markets today while soybeans lagged behind

Corn got a bump from a reduced 2017 carryout as well as a 2018 carryout

US Ag markets shot higher last night after reports that the US/China tariff threats would be suspended

Secretary Treasury Mnuchin reported that very meaningful progress has been made on a trade deal

Corn finished near unchanged as beans finished with a higher close, although off the highs for the day

The USDA report showed largely as-expected numbers for the US supplies

The grains finished higher today on a bounce from yesterday’s selloff

Soybeans bounced nicely off chart support & some bargain hunters came back on Turnaround Tuesday

Grain finished higher again today with a late surge from soybeans helping out

Soybeans surged about 17 cents in just a few minutes with reports of a China-US trade agreement

Corn and soybeans finished impressively higher today, particularly corn and soybean meal

Soymeal leading feed grains higher with uncertainty over Argentine soybean size & meal production

An uneventful finish to a session that saw some prices swings early

The market isn’t willing to rally but also isn’t willing to sell off with many question marks out there

Corn finished lower today while soybeans trade higher based on China talk

China announced they would add a 78.6% tariff on US sorghum imports

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

Another day in the midst of trade war, tariff threats that have markets on edge

President Trump asked for drafting of another $100 billion tariff implementation against China

Grain prices continued to rebound the day following the panic selling after Chinese tariff threats

Corn prices actually finished one cent above pre-tariff announcement

Values climbed higher today, finishing higher for the day but well off the highs of early in the session

Values again were higher overnight but lost buying enthusiasm as the market tries to find direction

Markets jumped immediately following the release of the USDA acreage numbers

Corn acres were at 88 million vs average trade estimates of 89.42 and 90.167 last year

Another quiet day in the commodity market circles as the market awaits Thursday’s report

The USDA will report their first initial estimates for acreage for 2018 on Thursday

Grain markets couldn’t hold their overnight gains as the market seems unsure of next direction

Grain prices are stuck between support and resistance levels but uncertainty is making market anxious

Corn finished the day higher, following wheat’s strength and a weaker dollar

Soybeans saw some profit taking after a strong rally the past 9 sessions

Soybeans and wheat led the markets lower post-USDA report on bearish numbers released
Overall, it was a fairly muted report as the USDA only revised demand and ending stocks figures

Brutal day in the grain markets with selling the theme from the start with no looking back

Good growing conditions over the weekend and more beneficial forecasts for growing crops ruled

Corn closed higher for the day while beans struggled to keep up with corn and wheat strength

Soybean futures selling continued after prices settled below the lows set last August

Corn finished higher today along with wheat, while soybeans closed unchanged

Corn bounced after rumors of President Trump ordering the US exit of NAFTA were found false

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

Soybeans held up the corn market today, but both were unable to hold early session gains

Weather forecasts do have some windows of drier weather, thought to allow for planting progress

Corn and beans both modestly higher today with fresh news fairly limited

The South American crop seems to be getting larger, US dollar trading higher and crude oil is trading lower, yet grains are moving higher.

Corn and beans both struggled today, down 3 and 16 cents, respectively

Soybeans struggled with improved weather forecasts for South America

Corn finished lower despite the strength shown in soybeans

The export sales report showed 59.7 million bushels of corn sold vs. highest estimate of 43.3 million

Corn was able to claw out a slight gain while soybeans continue to lose momentum lacking export sales

Fundamental news was pretty slow today, almost feeling like holiday trading already

Corn CBOT Prices Two Rivers Cash Bid Prices Dec ‘16 337’4 +5’6 Dec ‘16 300’0 +4’0 Mar ‘17 347’2 +4’6 Jan ‘17 308’0 +5’0 May ‘17 354’2 +4’2 Feb ‘17 311’0 +5’0 July ‘17 361’6 +4’0 Mar ‘17 313’0 +5’0

Corn and bean prices came under pressure again today without the necessary feed for the bull

Corn was drug down by wheat, which is testing lowest levels since September

Corn and beans came under pressure today with crude oil dropping and technical resistance overhead

Crude oil was lower on reduced optimism over an OPEC deal that would cut crude oil production

Corn and soybeans enjoyed a late rally to salvage a day which faced slightly lower prices most of it

Informa released today their updated guesses on 2017 acreage

Corn and beans struggled to hold early gains today, unable to break through technical resistance

Both corn and soybeans couldn’t break through the 100 day moving averages in both charts

Corn and soybeans traded higher today, led by soybean strength

Soybeans were propped up by higher palm oil values and talk of a shrinking canola crop

Corn and wheat struggle today as soybeans were able to mount a late-session comeback

Strong export sales outweighed the big yields being reported for soybeans

Corn values hung in there pretty well today despite soybean weakness

Wheat was the leader on the day as that corn/wheat spread had gotten out of whack and needed correction

Corn & beans enjoyed a tech bounce following Friday’s higher close on an outside day.

Dec corn @ a 2.5 month high; 20 day crossing above 50 day for the 1st time since July.

Corn values led around by the soybean and wheat markets, which sparked a late rally

Corn condition ratings resisted the tendency for crop ratings to fall late in the growing season

Grain struggled again to start the new week, setting an early tone for expectations for the week

Weather forecasts certainly had a hand in the selloff as the harvest progress should be remarkable

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

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

Soybeans led the grain and oilseed markets higher today with impressive buying continuing

This rally is all the more impressive despite harvest pressuring increasing daily

Grains rebounded nicely, finishing far from the lows set right after the report was released

The USDA did not tiptoe around increasing yields this year at all

Soybean futures rallied following big weekly new crop export sales; corn & wheat lower.

Outside markets now friendly: crude oil rallying $1.80, the dollar now mixed, & the Dow up 118 pts

Wheat futures tried leading corn higher while beans struggled to break $10 and then turned lower.

For the second consecutive day, Nov beans tested but failed to push above the 20 day MA

Soybeans continue to work higher on strong export demand & spillover support from soyoil.

Bean oil is up 1.5%, above the 50 day for the 1st time in 2 mo, highest level since early July.

Impressive rebound for beans, wheat, equities & the dollar; corn a reluctant follower.

Soybeans supported on exports this week for new crop, an additional 498 kmt today (China).

New contract lows for corn; beans sharply lower, while wheat reverses higher. Another ugly day in beans

15-yr seasonal: intermediate low late July, bounce in Aug and new lows in Sep (corn and soy).

Another quiet day as corn makes new lows while beans & wheat were a touch higher.

Soybeans attempted to rebound but slipped back below the 100 day moving average at $10.16

Grains rebounded with the hottest temps of the season expected this week.

Markets really turned after midday weather maps showed hotter, drier forecast. Got to love weather markets!

Grains struggled to gain traction as today’s forecast is less threatening for crops across the Midwest as hot & dry weather beginning next week is not expected to last as long as thought

Grain sold off late on that fear going into the weekend. The ‘dome’ appears to move slightly every weather model run so the uncertainty is unnerving

July futures go off the trading board tomorrow at noon. Markets added weather premium today

Markets looking at hot, dry weather as US weather models increased ridge intensity for the next week

Fresh news was limited today, focusing primarily on the weather forecasts

Soybean market added weather premium as forecasts predicting ridge moving into W/SW corn belt at end of this week, bringing very high temps and dry conditions

The perfect storm for the bears continued due to weather, ratings & “risk-off” Brexit fears.

Overnight rains spread from S MN & southwest WI thru northeast IA & into central IL and IN

A bigger sell-off than most had anticipated with Dec corn gapping lower, making new contract lows.

Soybeans also gapping lower with November testing the June lows; Dec wheat to new contract lows

Corn CBOT Prices Two Rivers Cash Bid Prices Jul ‘16 358’6 -14’0 June ‘16 315’0 -13’0 Sep ‘16 365’4 -12’2 July ‘16 315’0 -18’0 Dec ‘16 371’2 -11’6 Aug ‘16 319’0 -21’0 Mar ‘17 379’4 -10’6 NC ‘16 323’0 -12’0

Corn continues to struggle due to favorable weather and anticipation of the UK vote to leave the EU

Corn found support @ the 100 day MA bu still down 50 cents on the week

Higher markets led by soybeans as futures bounce back above the 20 day MA.;

Rumors of China buying 2-3 cargoes of old crop beans and 3-5 new crop, supportive

Grain markets were pressured as rain chances improve this week.

NOAA’s 5 day outlook this morning was 1”+ rains for E NE thru IL; heavier rains far ECB

Lower markets but corn and beans both bounced off the day’s lows

Equities turned higher in the afternoon, the dollar was higher and crude got hammered

Uncertain weather forecast continuing to create market jitters.

May NOPA soybean crush was a record 152.8 million bu, up from April’s 147.6 million bu. and well above the average trade estimate of 149.7 million bu

Grains trading lower as trade awaits to see how much precipitation and coverage the forecasted rains will bring to the Midwest over the next 48 hours.

Corn futures ripped higher towards the close to close near the day’s highs

New highs for the move with Dec corn gapping higher & at the highest level since July.

Nearby beans approached Friday’s high but unable to push through

Grain markets turned higher following weaker overnight markets.

July corn and soybean futures both set new highs for the move

Weaker grain markets to start off the week; beans failed to hold early gains.

Rabobank says corn and bean prices have factored in SA weather issues, turns slightly bearish

On a reversal of the recent trend, wheat led corn and beans higher.

Early calls were higher with “risk-on” mentality being the main focus

Soybean meal exploding higher and trading to new highs.

The dollar fell 221 points today and crude oil rallied $1.01 on a larger drawdown in crude oil stocks

Wild sessions continue to be the norm with high open interest and inconsistent weather forecasts

Dollar strength continues, up 360 points today, on anticipation of a rate hike by Fed in June or July

Corn and beans both higher at the close after an erratic session

Soymeal not letting the soybean market sell off, also supporting the corn market as a feed alternative

Sharply lower markets across the board for grains, although soybeans did rally to close 20 cents off day’s lows

July corn wiping out a good chunk of the previous 5 days gain

Corn, wheat & meal trading mixed to a touch firmer; soybeans moderately weaker.

Opening calls were lower amidst the lack of fresh news and a stronger dollar

Corn CBOT Prices Two Rivers Cash Bid Prices Jul ‘16 399’4 +2’4 May ‘16 358’0 +3’0 Sep ‘16 402’2 +2’4 June ‘16 359’0 +2’0 Dec ‘16 406’0 +2’2 July ‘16 362’0 +3’0 Mar ‘17 413’2 +1’6 NC ‘16 358’0 +3’0

Higher markets led by beans & especially meal; wheat leading corn higher.

An impressive technical rally on a day where fresh fundamental news was hard to find

Mixed markets with wheat leading corn higher while beans remain on the defensive.

Wheat rallies to the highest level in 8 sessions, testing resistance near the 50 & 100 day MA

Mixed markets with the grains higher while soybeans and soyoil were pressured. Corn rallies on strong exports

Soybean futures posted consecutive lower daily closes for the 1st time in 5 weeks

Small losses today following yesterday’s big moves; crude oil supportive.

Crude turned from lower to sharply higher as US production fell by 23k bpd last week

USDA 2015/16 ending stocks estimate (Million Bushels)

USDA USDA Ave Trade Trade

Crop 2015 2016 Forecast Range

Corn 1,862 1,803 1,841 1,762 – 1,890

Soybeans 445 400 426 395 – 445

Wheat 976 978 981 961 – 1,011

Markets turned bearish as we approach tomorrow’s S&D report at 11am

The dollar index was 232 points higher, the 5th consecutive day higher; metals and energies were lower

The grains enjoyed solid gains with no farmer hedge pressure to mention.

Beans closed higher than any other day in this recent rally despite yesterday’s 22 cent loss

From sharply higher to sharply lower, just another day in the bean market.

Huge weekly bean sales of 30 mb old & 15.8 mb new shot July beans 13 cents higher

Beans turned firmer after the morning open, leading wheat higher, which corn couldn’t tag along.

Early calls were lower following yesterday’s sharp sell-off; lower metals & equities

Bearish outside reversals are was scored for corn & wheat; beans following suit as well

Crop loss ideas out of S America & fresh spec interest was initially bullish beans