Morning Comments May 15, 2017
Monday, May 15, 2017, 8:05 AM
Submitted by: Landus Cooperative
Corn: Steady to -1
Beans: +2 to +4
We are seeing a lot of progress in planting across the Western Corn Belt with minor rain delays. Today’s planting progress report (3PM) is expected to show 65% or more corn acres planted as of yesterday. On Friday, Informa estimated 89.7 million U.S. acres each for corn and soybeans vs. the USDA March estimates of 90 million corn and 89.5 million beans. Either number will mean historically high acres for beans. Expect the bean trade over next few days/week to continue to be volatile with concerns about wet weather and flooding in the Eastern Corn Belt and lack of planting progress elsewhere.
In other news, the U.S. and China have come to an agreement on beef and poultry sales to China, and China has agreed to evaluate eight varieties of U.S. GMO’s by the end of May.
Crude oil is rallying after the world’s top two oil producers, Saudi Arabia and Russia, agreed to extend oil production cuts until March of 2018. The weaker dollar is also helping crude values.