Morning Comments April 21, 2017
Friday, April 21, 2017, 8:04 AM
Submitted by: Landus Cooperative
Overnight grains traded mixed in the overnight hours and early calls this morning are steady to 1-2 higher.
Currently export sales have been shrinking as South American crops continue making their way onto the market. The Brazilian Real has traded a consolidated pattern the last 60 days after a 3-month run higher into December ’16 – maybe the rally has found a top. The U.S. dollar has traded lower the last two weeks, but is still near multi-year highs. Weather appears to be favorable in the major growing areas of the world. Parts of South America that need rain are supposed to get that this weekend. Locally, particularly in Iowa, dryer forecasts in the near term will weigh on the trade as many producers will be taking to the fields. Without a doubt, this weekend should be the first full weekend of #Plant17 in Iowa. This is a friendly reminder to work safe, drive carefully, and be cognizant and patient with farm equipment traveling on the roads as producers sow this year’s crop.
So… The market will turn back to relatively little news. Our landscape remains the same:
1. Big crops from last fall in the U.S. remain
2. Big corn and bean crops projected in South America
3. Remaining record demand worldwide for corn and beans
Until something major changes, we are going to continue to stay in a consolidated trading pattern.
Landus Cooperative has a 2017 Non-GMO soybean program. There are premiums offered for over $1.00 per bushel for harvest delivery and buyers call.
Please contact your local Field Sales Agronomist or Grain Marketing Advisor for details.