Morning Grain Comments April 4, 2017
Tuesday, April 4, 2017, 8:04 AM
Submitted by: Landus Cooperative
Beans 1 to 2 higher
Grain futures are steady to a little higher this morning.
Demand news and fund buying helped lift the corn market yesterday, with export inspections of 58.1 million bushels, beating the top end of trade guesses and the weekly forecast rate by USDA for the 2016 crop. The national corn planting progress report will begin next week, but is not likely to be much above 5%, which is pretty typical of the first weekly report. While it’s still early, planting delays have been a topic of discussion due to the rain seen in the 10 day forecast for most corn growing areas.
Soybeans made an attempt to rally yesterday, but selling showed up after the 8:30 opening and led the complex lower. The weekly export shipment number came within trade expectations at 22.8 million bushels. Weather news out of South America is not providing any support; weekend rains in Argentina appear to be over, with the forecast starting to trend drier until later this week. With the recent drop in soybean prices, they no longer hold much price advantage over corn, which has some wondering if the switch will be as large as the USDA indicted in Friday’s report.
Both the dollar and crude oil are trading higher this morning.
Have a great day!