January 26, 2018

Corn

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘18 356’4 +1’2 Jan ‘18 314’0 +2’0
May ‘18 365’0 +1’2 Feb ‘18 316’0 +2’0
Jul ‘18 373’2 +1’4 Mar ‘18 319’0 +2’0
Dec ‘18 389’4 +1’0 NC ‘18 340’0 +1’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Mar ‘18 985’4 -6’6 Jan ‘18 909’0 -6’0
May ‘18 997’0 -6’6 Feb ‘18 909’0 -6’0
Jul ‘18 1006’4 -6’6 Mar ‘18 909’0 -6’0
Nov ‘18 1002’6 -4’2 NC ‘18 917’0 -4’0

 

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

Weather forecasts in Argentina increased rainfall coverage and accumulations in the 5-day forecasts

The 6-15 day forecasts remain dry but if rain falls nearby it lessens the threat in the 6-15 day

Export sales were strong for corn but soybean sales were disappointing

An unidentified buyer of corn accounted for a large portion of the export sales for the week

Some speculation that Mexico continues to buy despite ongoing NAFTA negotiations

Brazil soybean prices are $3-7/ton cheaper than US offers through April into China

The USDA announced the sale of 125,000 tons of corn to an unknown destination

The market is trying to entice US producers to plant more soybeans vs corn

The current soy:corn price ratio is 2.57.  Historically, a 2.5 ratio results in more soy acres that year

January 26, 2018