Morning Comments May 9, 2017
Tuesday, May 9, 2017, 7:05 AM
Submitted by: Landus Cooperative
Corn: 1 to 2 higher
Beans: steady to 1 higher
Yesterday saw corn 4 to 5 cents lower, even with talk of a wet eastern corn belt. Planting progress, at 47% for corn appeared as expected, but still 5% behind the average. Iowa is estimated to be 52% planted vs. 28% last week. The 6 to 10 day forecast looks drier than normal for most of the south and east, while the 11 to 15 is showing a wetter pattern.
Soybeans were 5 to 8 lower yesterday. The Brazilian farmer is taking advantage of the lower Real to make some sales. The planting progress report showed 14% complete vs. 17% on average. A fairly ho-hum report, but not much else in the way of news.
There is a WASDE report due out tomorrow from the USDA, but we don’t expect much new information from this report.