Morning Grain Comments April 3, 2017
Monday, April 3, 2017, 8:04 AM
Submitted by: Landus Cooperative
Corn up 3 to 4
Beans up 2 to 3
Grain markets are mostly higher this morning with traders putting the USDA report behind them as they begin to focus on everything weather related.
For corn, the positive close on Friday was supportive and with funds notably short, to the tune of 155,000 plus contracts, it is opening up the possibility of a nice short covering rally. That combined with weather/planting delays in much of the U.S., should signal a time for placing some orders to sell Old Crop corn. Give us a call if you have a price in mind.
Looking on the soybean side, the trade will continue to analyze the harvest progress in South America, watch the weather in North and South America, as well as monitor the meeting between the Chinese and President Trump for any big trade news that could have an impact on U.S. soybean farmers.
USDA releases this season’s first nationwide Crop Progress report this afternoon. Data on corn used by ethanol plants during February will also come out after the close.
Today, crude oil is flat while the dollar is firm.
Have a great day!