Morning Comments April 7, 2017
Friday, April 7, 2017, 8:04 AM
Submitted by: Landus Cooperative
Corn steady to mixed
Beans steady to down 1
Both the corn and bean market are steady to slightly lower this morning.
There is little fresh news in the market, with the main market being weather and how it will impact U.S. acres and overall yield. We may see more volatility in the beginning of next week with USDA’s first weekly report on planting Monday, then followed by USDAs monthly Supply & Demand report Tuesday. Traders are looking at estimates from analysts, and the average guess so far shows increases in the estimates for corn, soybean and wheat carryout.
The bean market has seen a big price drop over the past few weeks, but it seems to have stabilized. There is some talk about heavy rains that have fallen in Argentina possibly delaying their harvest, but it is estimated that 60-65% of their crop will not suffer from too much rain. The market will continue to keep a close eye on the situation given how much damage was done to their crop late in the year last year.
Crude oil is holding on to most of its overnight gain, and the dollar is firm.