Morning Comments March 1, 2018
Thursday, March 1, 2018, 8:03 AM
Submitted by: Landus Cooperative
Today is the last day to sign up for the Averaging Contract; please contact your GMA to get sign up.
Yesterday, the March corn contract closed 4 cents higher settling at $3.74 ½, and the December contract was 1 ½ cent higher closing at $4.01 ½. The corn market hit a 6 mth high yesterday as trade continues to lower Argentina's corn crop and Brazil’s planting is falling further behind; this leaves the U.S. as the only major supplier for the next 3-4 mths. Also pulling the corn market up was wheat rallied up 22 cents at one point.
The March bean contract closed 7 cents higher yesterday, settling at $10.45, and the November contract was ¼ cent higher settling at $10.32 ¼. Soybean meal led the charge yesterday pulling beans higher; May beans posted a contract high. 2018 crop insurance monthly average came in at $10.16, that is the best price in 4 years. Weekly export numbers are coming out this morning; trade is looking for beans to come in at 20-28 million bushels.
Have a great day!