May 10, 2019

Corn

CBOT Prices Two Rivers Cash Bid Prices
May ‘19 342’4 -2’0 May ‘19 317’0 -1’0
Jul ‘19 351’6 -1’4 June ’19 315’0 -1’0
Sep ‘19 361’0 -1’0 July ‘19 312’0 -1’0
Dec ‘19 372’0 -0’6 NC ‘19 322’0 -1’0

 

Soybeans

CBOT Prices Two Rivers Cash Bid Prices
May ‘19 797’0 -3’2 May ‘19 723’0 -4’0
July ‘19 809’2 -3’4 June ’19 721’0 -4’0
Aug ‘19 815’6 -3’6 July ‘19 718’0 -4’0
Nov ‘19 833’2 -2’4 NC ‘19 743’0 -3’0

 

Markets lower today but bounced off the lows following the release of the supply & demand report

The USDA released their first projections for 2019 crop today

They put corn acres at 92.8 million and used a trendline yield of 176 bu/ac

This is compared to 89.1 million acres and 176.4 bu/ac used for the 2018 crop

Ethanol and feed demand is projected to be higher than 2018 but exports seen lower than 2018

Final carryout bushels were pegged at 2.485 billion bushels with $3.30-3.70 average farm price

Brazilian corn production was hiked 4 million tonnes and Argentine production was hiked 2 million

Soybean acres were at 84.6 million and used trendline yields of 49.5 bu/ac

This is compared to 89.2 million acres and 51.6 bu/ac for the 2018 crop

Domestic crush and export demands were seen higher than 2018

They projected carryouts to fall vs 2018 to 970 million bushels

May 10, 2019