Morning Commentary April 26, 2017
Wednesday, April 26, 2017, 7:04 AM
Submitted by: Landus Cooperative
Corn Steady to slightly lower
Beans down 2 to 3
May corn closed 5 3/4 higher yesterday, settling at 3.65 while May beans closed 6 3/4 lower at 9.54 1/2. Grain futures are mixed this morning after a fairly quiet overnight session. Corn prices are a little stronger after jumping to test 50 and 100 day moving averages on Tuesday. While much of the focus is on weather, some demand news is also in play. Wet, cold forecasts should provide some support for now, but large old crop supplies continue to hang over the market. Still, with huge corn supplies for 2016, recent gains are all about weather. Storms are moving across the Midwest today, part of a system expected to dump one to three inches of rain Friday thru Monday.
The dollar is stronger today, keeping crude oil under a little pressure. The latest government data on crude oil inventories, due out at 9:30 CDT, will show whether stocks rose, as a private industry survey suggested, or fell again last week, as analysts expect. Outside markets are also holding following yesterday's big surge on Wall Street. Today's report on ethanol production will show how plants reacted to margins that improved last week due to lower cash corn prices.
Landus Cooperative has a 2017 non-GMO soybean program. There are premiums offered of more than $1.00 per bushel for harvest delivery and buyers call. Please contact your local Field Sales Agronomist or Grain Marketing Advisor for details.