Morning Comments March 29. 2017
Wednesday, March 29, 2017, 7:03 AM
Submitted by: Landus Cooperative
Corn: 1 to 2 cents higher
Soybeans: 1 to 3 cents higher
Yesterday, May corn contracts closed up 2 cents at $3.57 ¾ and December contracts closed up 1 ¾ cents at $3.81 ¾. The funds bought 3,000 corn contracts. With just two days to go before the report, any market movement will most likely be more positioning ahead of the release. Currently, funds are estimated to be short 100,000 contracts. DTN reported the national average for basis for cash corn to be 38 ¾ cents, 11 ½ cents weaker than this time last year.
May soybean contracts closed up ½ cent at $9.72 and November contracts closed up 1 ¼ cents at $9.72 ¼. The funds bought 2,000 contracts of beans and oil, while selling 1,500 meal contracts. The national average for basis is reported to be 76 ½ cents, 21 cents weaker than last year.
It is a waiting game at this point. Be sure to call your GMA before Friday’s report to put offers in on both old crop and new crop for corn and beans ahead of the release at 11 a.m.