Morning Comments April 11, 2017
Tuesday, April 11, 2017, 8:04 AM
Submitted by: Landus Cooperative
Corn steady to a penny lower
Soybeans 1-2 higher
Corn moved 6 1/2 to 7 1/2 higher yesterday due to concerns over wet weather and possible planting delays. While still plenty early, it’s easy to see that there will be a heightened awareness over this year’s corn production. The corn market moved through both the 100 and 200 day averages. Some of the funds also evened up positions ahead of today’s WASDE report.
Soybeans continued their sideways movement with a general attitude among traders of consolidation more than anything else. Soybeans settled just above the 8 month low. USDA old crop S&D update along with South American estimates are due out this morning which may provide some direction for the soybean market. Generally an increase in both old crop soybeans as well as increased projections for the South American crop are expected.
In other news, yesterday’s FIRST planting progress report showed 3% of the nation’s corn planted, which is about average for this time of year. The dollar and crude oil are both starting a little lower today.
*There will be no comments on Friday with the market's Good Friday holiday.