Corn
| CBOT Prices | Two Rivers Cash Bid Prices | ||||
| Jul ‘16 | 408’2 | +3’4 | May ‘16 | 360’0 | -1’0 |
| Sep ‘16 | 410’4 | +3’2 | June ‘16 | 363’0 | Unch. |
| Dec ‘16 | 409’6 | +1’2 | July ‘16 | 366’0 | +1’0 |
| Mar ‘17 | 416’4 | +1’2 | NC ‘16 | 361’0 | +1’0 |
Soybeans
| CBOT Prices | Two Rivers Cash Bid Prices | ||||
| Jul ‘16 | 1079’6 | -5’6 | May ‘16 | 1004’0 | -6’0 |
| Aug ‘16 | 1077’2 | -4’4 | June ‘16 | 1004’0 | -6’0 |
| Sep ‘16 | 1061’6 | -3’6 | July ‘16 | 1004’0 | -6’0 |
| Nov ‘16 | 1050’4 | -3’6 | NC ‘16 | 980’0 | -3’0 |
On a reversal of the recent trend, wheat led corn and beans higher.
Early calls were higher with “risk-on” mentality being the main focus.
Crude to 6-mo high, corn @ 7-mo, beans @ 20 mo high, & meal to new contract highs.
Weekly export sales were very strong for corn and beans but net cancellations for wheat.
Corn sales @ 54.4 mb, beans @ 16.8 mb and wheat -.4 mb; bean commits now 100% of goal.
USDA announced the sales of 188kmt of old and 65kmt of new crop corn, (Taiwan & unknown).
Drought Monitor looks unchanged; no abnormally dry areas for IA, IL, IN, NE, KS, WI, MI or OH.
Equities turned lower; Yellen to speak tomorrow at a much anticipated Harvard event.
World bean stocks to use ratio is projected to drop to 20.8% for the 2016/17 crop year.
The last time world stocks to usage ratio was this tight? 2012 when the ratio hit 20.7%.