Morning Comments April 10, 2017
Monday, April 10, 2017, 8:04 AM
Submitted by: Landus Cooperative
Corn: +1 to +2
Beans +3 to +5
Corn was slightly lower most of the night session, but finished in positive territory. In fact, almost all commodities are trading green at the break today. The exception being soy oil, down about 35-40 points. Last week, May futures were off 4 3/4 cents, and December lost 3 3/4. One good piece of news over the weekend, was a report stating that China is nearing an announcement to begin accepting U.S. beef. They have had a ban in place since shortly after Christmas 2003 due to a mad cow scare. There are also stories circulating that they will increase their imports of U.S. grains and other agricultural products. It would be good to see that trade imbalance with China begin to reverse.
Soybeans were stronger most of the night, and look to open higher. Last week, May soybeans were off 4 cents, and November was 4 3/4 lower. There are several stories calling the last month or so of down trend overdone, so perhaps we’ve finally found a temporary bottom. As mentioned above, soy oil was off slightly, but meal is up over $3/ton this morning, which is good to see, if you have cash beans to price.
There is a WASDE report due out tomorrow. Don’t expect much to move the markets from this, though.
Hopefully, the rain can stay away for a while and we’ll see more field work this week.