Morning Comments April 25, 2017
Tuesday, April 25, 2017, 8:04 AM
Submitted by: Landus Cooperative
Corn down 1 to 2 cents
Beans down 4 to 5 cents
Grain futures are mixed this morning, with corn and soybeans unable to gain any follow through buying.
U.S. stock index futures point to a higher open on Wall Street despite mixed trading in Europe. The dollar is weaker which is providing a little support for crude oil. Gold is down another $5 today after Monday’s losses.
Monday afternoon, USDA reported 17% of the crop planted, just 1% behind the five-year average. States in the north and northwest parts of the growing region continue to lag. USDA put emergence at 4%, in line with average. Export Inspections last week improved to 57.2 million bushels, above trade guesses and easily beating the rate needed through August to reach USDA's forecast for the 2016 crop. Year-to-date inspections continue to run at a pace far outpacing the rate forecast by the government.
Cold, wet weather could continue to hamper seeding in much of the Corn Belt over the next two weeks. Wet, cold forecasts should provide some support for now, but large old crop supplies continue to hang over the market.
Landus Cooperative has a 2017 Non-GMO soybean program. There are premiums offered of over $1.00 per bushel for harvest delivery and buyers call. Please contact your local Field Sales Agronomist or Grain Marketing Advisor for details.