Morning Comments March 15, 2018
Thursday, March 15, 2018, 8:03 AM
Submitted by: Landus Cooperative
Corn up 1 to 2
Soybeans up 7 to 10
Grain markets are rebounding from yesterday’s weakness, with corn up a couple and soybeans up almost 10. The corn market followed the bean market lower yesterday, and was also pressured by a negative ethanol report that showed production was down with ethanol stocks increasing. There’s also some rain in the forecast for the drier areas in Argentina, and corn held by Argentine farmers is beginning to move. As a result, the U.S. and Argentine corn are now offered at equivalent levels for April/May.
The improvement in the weather forecast in Argentina, the news that La Nina has ended, and nervousness about the possible impact on U.S. soybean exports if the Chinese should choose to reduce their U.S. soybean purchases as one of the ways to retaliate against President Trump’s tariffs, all combined to pressure bean prices yesterday. Yesterday’s weakness in soybeans was also probably attributed to one group raising their 2018 bean plantings to a record 92.104 million acres.
We saw a great Export Sales Report out this morning for the week ended 3/08. Corn actual sales came in at 98.6 million bushels, and soybeans came in at 46.6 million bushels. That’s a pretty strong number for corn, but fairly week for soybeans.
The final Member Town Hall Meeting is next Wednesday, March 21st in Templeton at 11 a.m., RSVP here: http://www.landuscooperative.com/news_release/member-meeting-registration/