December 11, 2017

Corn

CBOT Prices Two Rivers Cash Bid Prices
Dec ‘17 336’4 -3’4 Dec ‘17 305’0 -1’0
Mar ‘18 349’0 -3’6 Jan ‘18 304’0 -3’0
May ‘18 357’2 -3’6 Feb ‘18 308’0 -3’0
Dec ‘18 381’4 -3’4 NC ‘18 339’0 -3’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jan ‘18 982’4 -7’2 Dec ‘17 905’0 -7’0
Mar ‘18 994’0 -7’4 Jan ‘18 908’0 -7’0
May ‘18 1005’2 -7’0 Feb ‘18 918’0 -8’0
Nov ‘18 999’2 -5’4 NC ‘18 923’0 -6’0

 

Values drifted lower today with a wetter Argentine weather forecast driving the grains

Recently the forecasted rains have been larger than actual rainfall, so we’ll see on this rain event

The USDA report will be released tomorrow morning at 11am

Production numbers are not expected to change, but they may tweak world production and demand

China’s soy purchasing pace has been stronger than current USDA projections

However, the US share of those purchases has been lower than anticipated as well

Somewhat confusing on that is that the US is still competitively priced in the world market

Climate models are still pointing to at least a mild La Nina weather event this winter

This typically leads to drier weather in South America and the Midwest in the US

Brazilian soy production is feared to partially or fully offset Argentine losses due to favorable rains

Tomorrow’s report will dictate nearby trading direction

 

December 11, 2017