May 10, 2018

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘18 394’6 Unch. May ‘18 353’0 Unch.
Jul ‘18 402’0 -0’6 June ‘18 354’0 -1’0
Sep ‘18 410’2 -0’6 July ‘18 354’0 -1’0
Dec ‘18 419’4 Unch. NC ‘18 371’0 Unch.

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘18 1013’2 +6’0 May ‘18 946’0 +5’0
Jul ‘18 1021’2 +5’4 June ‘18 945’0 +5’0
Aug ‘18 1024’6 +5’4 July ‘18 945’0 +5’0
Nov ‘18 1031’0 +6’6 NC ‘18 951’0 +7’0

 

Corn finished near unchanged as beans finished with a higher close, although off the highs for the day

The USDA report showed largely as-expected numbers for the US supplies

The world figures are the ones that caught the attention of the market as they were under estimates

The market seemed skeptical or unconvinced that the numbers would be accurate

World new crop corn carryout pegged at 159.2 million tons vs 186.35 million analyst estimates

Soybeans were 86.7 million tons vs 90.52 million average estimates

Wheat was 264.3 million tons vs 269.18 million average estimates

Argentine soy production reduced again but Brazilian corn increased to more than offset

Brazilian corn estimates cut 5 million tons, likely due to safrinha corn crop losses

There is still a lot of grain, but the current prices appear to have very little weather risk built in

May 10, 2018