Morning Comments April 24, 2017
Monday, April 24, 2017, 8:04 AM
Submitted by: Landus Cooperative
BEANS +5 to +7
In corn, the Bull/Bear debate continues regarding weather. The bulls are trying to make a case about planting delays and missing early planting will reduce overall yields. The bears point out the improved efficiency of the U.S. farmer over the last decade as well as very good weather in South America. As mentioned last week, we’re in the “too-too” season, and should expect more of the same “too hot, too cold, too wet, too dry” conversation for the next 30 plus days.
For soybeans, it’s not so much about U.S. planting progress as other factors, like palm oil production, U.S. dollar strength and the value of oil in various applications, like bio-diesel. We’re starting the week higher, but there are many reasons to be concerned about downside pressure as well, weaker than expected NOPA crush and continued concerns about the size of the South American crops among them.
Regardless of all of the above, here’s hoping for more days with sunshine than rain in your immediate forecast. Be safe out there.