June 12, 2018

Justin Huebner, Grain Division Manager Grain Commentary

Corn

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘18 377’4 +10’2 June ‘18 329’0 +11’0
Sep ‘18 386’6 +10’4 July ‘18 331’0 +11’0
Dec ‘18 398’2 +10’0 Aug ‘18 331’0 +11’0
Mar ‘19 407’4 +9’6 NC ‘18 350’0 +10’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
Jul ‘18 954’0 +0’2 June ‘18 885’0 Unch.
Aug ‘18 959’4 +0’4 July ‘18 879’0 Unch.
Sep ‘18 965’2 +0’4 Aug ‘18 879’0 Unch.
Nov ‘18 974’4 +0’6 NC ‘18 901’0 +1’0

 

Corn and wheat were the darlings of the grain markets today while soybeans lagged behind

Corn got a bump from a reduced 2017 carryout as well as a 2018 carryout

The USDA cut feed by 25 million bushels and increased ethanol by 50 million bushels

2018 carryout was reduced by 105 million bushels from last month to 1.577 billion bushels

Brazilian corn crop reduced by 2 million tons while some analysts expect further reductions to come

World carryout was increased about 500,000 tons to 154.69 million tons

Soybean 2017 carryout was reduced by 25 million bushels to 505 million

Crush was increased 5 million but that was the lone demand change in the balance table

Resulting 2019 carryout projected at 385 million, down from 415 million last month

South American carryout was increased slightly on no net change to South American crops

Wheat’s strong positive reaction is a bit confusing.  Likely attributed to reductions in Black Sea wheat

June 12, 2018