July 15, 2016

Corn

CBOT Prices			Two Rivers Cash Bid Prices
Sep ‘16	352’2	-5’4	July ‘16	311’0	-6’0
Dec ‘16	358’2	-6’4	Aug ‘16	314’0	-6’0
Mar ‘17	366’2	-6’2
May ‘17	370’4	-6’6	NC ‘16	313’0	-7’0

 

Soybeans

CBOT Prices			Two Rivers Cash Bid Prices
Aug ‘16	1072’4	-11’2	July ‘16	1012’0	-5’0
Sep ‘16	1065’4	-7’6
Nov ‘16	1057’2	-5’0
Jan ‘17	1055’6	-5’2	NC ‘16	986’0	-5’0

 

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

 

USDA reporting 320,000 metric tons of soybeans sold to unknown destinations for 2016/17.

 

Some in the trade believe the warm temps we experienced in June will continue throughout the remainder of the growing season and the market has priced in the best possible yield results.

 

Yesterday Congress passed bill requiring GMO labeling, Agriculture Department given 2 years to plan

 

Soybean export sales to China (to date) have been lagging in pace to reach USDA export goals

 

IMEA estimates that the corn carryover stocks Mato Grosso will be just 70,000 tons, or approximately a 7-day supply for the livestock industry.

 

IMEA estimates corn yields down 27% from last year in Mato Grosso

 

University of Illinois Ag Economist estimating 201617  yield could be 171.4 for corn and 47.2 for soybeans based on recent crop condition ratings