Morning Comments April 19, 2018
Thursday, April 19, 2018, 8:04 AM
Submitted by: Landus Cooperative
Beans down 1
Yesterday, the May corn contract closed 2 3/4 cents higher settling at $3.83, and the December contract was closed 2 1/2 cents better closing at $4.08 1/2. Funds were buyers yesterday, and wheat's firmer trade helped corn move higher. Corn also gained support from areas of dryness in Brazil affecting their 2nd corn crop. The weekly EIA report showed ethanol production was down last week but still higher YTD, up 1.6%. US gas demand remains strong, and ethanol production remains profitable corn, ethanol should remain strong keeping us in line with the USDA’s estimates.
The May bean contract closed 4 1/4 cents lower yesterday, settling at $10.41 3/4, and the November contract was 1/2 cent better settling at $10.45 3/4. Nothing new coming from Washington on trade with the Chinese, and Chinese have begun buying all the available beans out of Brazil, turning new demand to the U.S.
Take a look at the side by side comparisons of soil temperatures this year vs. last year. Forecast for next week is calling for warmer/drier weather across the Corn-Belt.