Corn
CBOT Prices | Two Rivers Cash Bid Prices | ||||
Dec ‘16 | 336’6 | -11’6 | NC ‘16 | 295’0 | -12’0 |
Mar ‘17 | 349’0 | -9’2 | Dec ‘16 | 302’0 | -11’0 |
May ‘17 | 356’4 | -9’0 | Jan ‘17 | 309’0 | -11’0 |
July ‘17 | 364’0 | -9’2 | Feb ‘17 | 311’0 | -9’0 |
Soybeans
CBOT Prices | Two Rivers Cash Bid Prices | ||||
Jan ‘17 | 1042’4 | -13’4 | NC ‘16 | 972’0 | -13’0 |
Mar ‘17 | 1051’0 | -13’4 | Dec ‘16 | 972’0 | -13’0 |
May ‘17 | 1057’2 | -13’2 | Jan ‘17 | 972’0 | -13’0 |
July ‘17 | 1061’6 | -13’2 | Feb ‘17 | 977’0 | -13’0 |
Corn and beans came under pressure today with crude oil dropping and technical resistance overhead
Crude oil was lower on reduced optimism over an OPEC deal that would cut crude oil production
December corn first notice day is tomorrow and Dec was down hard vs deferred months
Apparently there are some that expected to see some deliveries to be initiated
USDA baseline projections for 2017 were released today and showed corn acres losing 4.5 mln vs 2016
Soybean acres were only expected to increase 1.8 million vs 2016
Wheat acres were projected to only be down 1.7 million acres despite more favorable crop options
Keep in mind these projections were assembled nearly a month ago; different price relationships then
Typical soy/corn ratio is 2.3:1, but the bean rally has led to a ratio tonight of 2.7:1
This market is making bean plantings much more appealing during a time when producers plan for ‘17