Morning Comments February 26, 2018
Monday, February 26, 2018, 8:02 AM
Submitted by: Landus Cooperative
Corn up 2
Beans up 5-7
Friday, the March corn contract closed ½ cent lower settling at $3.66 ¼. The December contract was unchanged closing at $3.97 ¼. For the week, the March contract closed 1 ¼ cents lower, and the December contract closed ¼ cent higher. Argentina corn estimates continue to decline with the worsening drought and are supportive to corn prices. WADSE estimated last week that 2018/2019 ending stocks could decline and 2018 corn production was projected to be down 214 million bushels from last year. U.S. corn 2018/2019 exports are down but increasing corn for ethanol. Corn is trading higher but continues to stay sideways.
The March bean contract closed 4 ¼ cents higher Friday, settling at $10.36 ¼ and the November contract was ¼ cent higher settling at $10.28. For the week, the March contract closed 14 ¾ cents higher, and the November contract closed 6 cents higher. CFTC came out that the funds have turned bullish as funds added 56,000 long positions and are now long 99,000 contracts. WADSE estimates pegged 2018/2019 exports at a record large and reflected the reduced Argentine crop, and the crush numbers are expected to rise which is a reflection the growing demand for meal. Beans are up again this morning as the Argentine weather continues to worsen and trades is estimating that the crop production will drop 2-3 MMT.
Member meeting in Rockwell City tonight at the Calhoun Co. Expo Center from 6-8 pm, please join us!