MARKET COMMENTARY

Opening Calls

Corn down 2

Beans down 7

Yesterday, the May corn contract closed 1 cent lower settling at $3.82, and the December contract was closed 1/2 cent lower closing at $4.08.  Last week’s export sales came in strong, on the high end of expectations, but in the end, the story can’t beat out the improving weather forecast for the corn states, drier/warmer weather.   

The May bean contract closed 4 1/2 cents lower yesterday, settling at $10.37 1/4, and the November contract was 3 1/4 cents lower settling at $10.42 1/2.  Putting pressure downwards on beans are funds reducing their long positions and the cancellations of old crop bean sales by China.  We have decent export sales, but in the end, we still have too many beans. 

Don’t forget that May Call Options expire today and May Extended Price contracts need to be sold or rolled today.  Have a great weekend and enjoy the nice weather before the planters get rolling.

If you're looking for a pre-planting agronomy update, check out this week's Morning Alert video from our precision agronomy director, Kent Klingbeil. https://youtu.be/YXXN5SemeUk