March 29, 2019

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘19 356’4 -17’4 Mar ‘19 321’0 -17’0
Jul ‘19 366’2 -17’4 Apr ‘19 320’0 -17’0
Sep ‘19 375’0 -16’0 May ’19 320’0 -17’0
Dec ‘19 384’6 -13’4 NC ‘19 335’0 -13’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘19 884’2 -5’2 Mar ‘19 799’0 -6’0
July ‘19 897’6 -5’2 Apr ‘19 800’0 -6’0
Aug ‘19 904’0 -5’0 May ’19 800’0 -6’0
Nov ‘19 919’0 -4’6 NC ‘19 829’0 -5’0

 

The USDA released their monthly stocks report today and it certainly was a bearish one

Corn stocks was pegged at 8.605 billion bushels vs 8.335 average estimates

Soybean stocks was pegged at 2.716 billion bushels vs 2.683 average estimates

Wheat stocks was pegged at 1.591 billion bushels vs 1.555 average estimates

Projected corn acres were pegged at 92.792 million acres vs 91.332 average estimates

Soybean acres were projected at 84.617 million acres vs 86.169 million acres

Wheat acres were projected at 45.751 million acres vs 46.915 million acres

The key is that these surveys were conducted early March before weather events unfolded

It looks like the corn acres will be high when considering flooding in so many Midwest states

One of the few factors that the bulls in the market are holding onto is the huge fund short position

Funds will not want to carry huge short positions going into our growing season

March 29, 2019