Morning Comments March 20, 2017
Monday, March 20, 2017, 8:03 AM
Submitted by: Landus Cooperative
Corn up 1 to 2
Beans up 3 to 4
The May corn and the December contracts closed 3 ¼ cents higher for the week. Given this, it’s hard to explain how funds went from 80,000 contracts long to 24,000 contracts short, other than a concern about South American crops. Argentina corn harvest is progressing well with no major threats in the forecast. We expect exports to change more to South America and is worrisome given the large domestic crop and big numbers coming out of South America. Dry conditions in the southern U.S. could accelerate planting. Starting off higher this morning, but also expect a fairly narrow range in the days ahead.
Last week, the May bean contract closed 6 ½ cents lower, and the November contract closed 6 ¼ cents lower. Overnight, soybeans found strength from a short covering rally. Mato Grosso is reported to be 95% completed with harvest, 10% ahead of last year. The dollar is down again, and crude is fighting to stay above $48. Traders are waiting for the March 31st planting intentions report.
Don’t forget that our speaker series continues with Brian Grete, Editor of Pro Farmer, in Coon Rapids on Wednesday. Contact us at 877-778-2226 if you plan on attending. Registration begins at 10:00 a.m. with the presentation at 10:30 and lunch to follow.
Do you have marketing questions? We have answers at 'Surviving and Thriving in Challenging Times: A Grain Marketing Forum for Women' this Friday and still have room http://www.aep.iastate.edu/grain/. It looks to be a great event for women interested in learning more about grain marketing.