Morning Comments April 9, 2018
Monday, April 9, 2018, 8:04 AM
Submitted by: Landus Cooperative
Corn +1 to 2
Beans +8 to 12
Overnight trade shows both corn and beans continuing to recover with funds buying on weather concerns and technical indicators. As of last Tuesday, the funds were reportedly long just over 140,000 contracts of corn (700 million bus.). They were also long more than 180,000 contracts of soybeans (900 million bus.). There was some talk over the weekend indicating a softening tone on tariffs. It also helps that the Chinese are back in the market after a few days of holidays.
The next potential for news is the USDA report out tomorrow on stocks. April is not known as a major report, though. The main concern for the next few weeks or so, will be Midwest weather and planting progress.