Morning Comments April 6, 2017
Thursday, April 6, 2017, 8:04 AM
Submitted by: Landus Cooperative
Corn down 1 to 2
The corn market is trading steady/weaker this morning, while the bean market is up 1.
The overnight session was choppy, which reflects patterns seen in many of the markets as two days of discussions begin between President Trump and China’s President Xi. The trade will be watching for any trade signals to act upon. The weather forecast in the growing areas of the U.S. is steadily drying out, so corn planting should starting ramping up across the Western Corn Belt. Overall nearby demand remains strong, but eyes will be watching exports longer-term as a massive record crop in South America will move into the marketplace.
Soybeans are a touch firmer following yesterday’s rebound from 8-month lows. While U.S. producers are gearing up to plant an all-time record number of soybean acres, producers in South America are patiently harvesting their all-time record crop. Argentina continues to be dry this week. However, forecasts call for potentially heavy showers in a few areas outside the main growing region. Harvest rains ruined portions of last year’s crop, encouraging the strong post-harvest rally in the U.S. Something to keep an eye on.
The outside markets are mostly quiet with crude oil a touch firmer, and the dollar steady.
Have a great day!