Morning Comments February 22, 2017
Wednesday, February 22, 2017, 8:02 AM
Submitted by: Landus Cooperative
Good morning! Looking at the forecast, today might be the last nice, warm day we have for awhile. The weekend has some typical February weather in store for us. A snow system looks to push across the northern tier of Iowa on Friday, bringing colder temps with it.
Markets are slightly higher this morning after a relatively quiet day yesterday. News is light – most chatter surrounds South American weather and crop news. Export inspections came out yesterday and showed bean exports falling (seasonal trend, the trade expects this) and corn exports remaining steady-to-higher. This has been good news for our corn market and has helped us gain a little bit of traction the past few weeks.
USDA Ag Forum will be reporting some acreage numbers tomorrow and Friday. Estimates are still favoring a shift in acres from corn to soybeans. The trade is eager to see what UDSA thinks corn and bean acres will be for 2017 – these numbers are estimates only. Looking at some technicals on the corn charts, our new-crop Dec contract has heavy trade support in the $3.80-3.90 range. Old-crop May contract has strong support in the $3.60-3.75 price range.
Corn 1 to 2 cents higher
Soybeans 2 to 3 cents higher