Morning Comments March 30, 2017
Thursday, March 30, 2017, 9:03 AM
Submitted by: Landus Cooperative
Corn: 1 cent lower
Soybeans: 5 to 6 cents lower
Yesterday, May corn contract closed ¾ cent higher at $3.58 ½. The December contract closed ¼ cent higher at $3.82. Funds were net sellers of 3,000 corn contracts. Weekly export sales estimations are around 900k-1.2mil tons for old crop, with new crop projected to be between 100k-300k. Looking back on how the planting intentions report has compared to final acreage since 2000, the report has overestimated acreage 9 times and underestimated it 8.
The soybean market saw a small bump yesterday morning but could not sustain the momentum throughout the day. The May soybean contract closed 3 cents lower yesterday at $9.69 while the November contract closed 4 ¼ cents lower at $9.68. Funds were net sellers of 3,500 contracts of beans and 2,500 contracts of oil, buyers of 2,000 contracts of meal. Slightly wet weather that could delay harvest in Argentina has some on alert, but no one is ready to move on anything before the reports are out tomorrow. The planting intentions report has been higher than actual plantings 10 of the last 17 years.
We are sitting tight to see how the reports will line up with the estimates that have been floating around. If you haven’t already, call your local GMA or the trading floor at (877) 778-2226 to get some offers in.