December 12, 2017

Corn

CBOT Prices Two Rivers Cash Bid Prices
Dec ‘17 335’6 -0’6 Dec ‘17 309’0 +4’0
Mar ‘18 347’6 -1’2 Jan ‘18 302’0 -2’0
May ‘18 356’0 -1’2 Feb ‘18 306’0 -2’0
Dec ‘18 380’2 -1’2 NC ‘18 337’0 -2’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jan ‘18 982’4 -6’6 Dec ‘17 898’0 -7’0
Mar ‘18 994’0 -6’6 Jan ‘18 901’0 -7’0
May ‘18 1005’2 -7’0 Feb ‘18 911’0 -7’0
Nov ‘18 999’2 -4’4 NC ‘18 919’0 -4’0

 

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

Corn ending stocks were revised 50 million bushels lower to 2.437 billion bushels

World corn carryout numbers were increased to 204.08 million tons due to China corn production

USDA lowered soybean exports by 25 million and raised seed usage by 5 million, net adding 20 million to ending stocks

World ending stocks increased by the same amount due to the US increase in ending stocks

South American production left unchanged until a later report when we know more

US soybeans are still the best market through February, when South American harvest kicks off

We are approaching price levels that have historically spurred additional export sales into China

Argentina forecasts calling for rains toward the end of the weekend and into next week

December 12, 2017