Corn
| CBOT Prices | Two Rivers Cash Bid Prices | ||||
| Mar ‘16 | 369’6 | -7’4 | Dec ‘15 | 340’0 | -7’0 |
| May ‘16 | 375’2 | -7’0 | Jan ‘16 | 340’0 | -7’0 |
| Jul ‘16 | 380’4 | -6’6 | Feb ‘16 | 342’0 | -7’0 |
| Sep ‘16 | 384’0 | -6’6 | Mar ‘16 | 344’0 | -8’0 |
Soybeans
| CBOT Prices | Two Rivers Cash Bid Prices | ||||
| Jan ‘16 | 862’4 | -4’6 | Dec ‘15 | 811’0 | -4’0 |
| Mar ‘16 | 863’2 | -4’4 | Jan ‘16 | 808’0 | -5’0 |
| May ‘16 | 869’0 | -4’4 | Feb ‘16 | 808’0 | -5’0 |
| Jul ‘16 | 875’2 | -4’6 | Mar ‘16 | 808’0 | -4’0 |
The equity rally strengthened into the close, crude down sharply & the dollar fell after the Fed announcement
Moderate losses in the oilseeds and grains have been extended, led by wheat
Wheat pressured on new short positions after recent short-covering rally
Bearish news includes: Fed interest rate hike, expected Arg. peso devaluation, weekly oil build & SA weather.
Arg. Finance Minister announces they will allow the peso to float freely, making their exports more attractive
Weekly EIA report showed a 4.8 mb build in US crude oil stocks versus an expected drop.
Weekly ethanol production increased .7% from LW to 294 mg, 2nd highest weekly on record.
Ethanol stocks rose 2.5% from last week and are up 15.1% versus a year ago.
Corn usage for ethanol estimated @ 105 mb, needs to average 98.4 mb to reach goal.
Ethanol margins for a central IA plant (without oil extraction) est near -.05, worst since March.
Yesterday’s NOPA report showed the slowest Nov crush since 2011 (traders expected a record).
JP Morgan views Ag as “dismal & unlikely to pick up until at least 2018”. Not an optimistic day all around