Morning Comments May 12, 2017
Friday, May 12, 2017, 8:05 AM
Submitted by: Landus Cooperative
Corn steady to 1 lower
Beans -3 to -4
Corn suffered yesterday from disappointing weekly export numbers. Trade will continue to work in a tight range with little direction. Abundant supplies and expectations for a relatively large U.S. crop continue to hang over the market. Many analysts are expecting most of the Iowa corn acres to be sown by the end of this weekend, and 80-85% overall. Illinois is behind pace, but is still expected to be around 75% in Monday’s report.
Bean exports remain good but a large and growing South American crop also looms over the market. It seems that every new estimate from Brazil is slightly larger than the most previous one. Argentina harvest is now pegged at 67% vs. 51% last year and a 5 year average of 70%.
The dollar closed a little lower yesterday and crude oil is also a little lower this morning.
All May futures contracts on the Board of Trade have now expired. For cash bids, we have been following the July futures for a while, and will continue to for another month or so.
Have a great weekend and enjoy Mother’s Day!