MARKET COMMENTARY

The markets leaked lower last night on not a lot of volume.  Today is May Day, which might not seem like a big deal to us but most offices in Europe, Asia, and South America are all closed for the day.  This could make today’s futures trade feel awfully slow. 

Bird flu is still a topic of conversation as it continues to spread across NW Iowa with 5 new cases confirmed in the last 24 hours, bringing the total number of cases in the state up to 17.  I read this morning that the total number of US cases may now surpass 20 million birds which would be the most in US history.   Even with all the bird flu talk, the true driver of prices today will likely remain… weather.  The forecasts continue to look favorable for production as the rains are holding off until early next week across most of the Corn Belt while temps are warming up.  Monday’s planting progress report has a good chance to jump up above 50% planted (!!) on corn (5Y av: 39%) with many farmers finishing up corn and switching to beans.  All of that news of course is bearish and we may see our markets drift lower today as we prep for the weekend.

Opening Calls

Corn down 1 to 2 cents

Soybeans down 2 to 4 cents

Have a great day!

@fccoopgrain