Mid-Day Comments April 23, 2018
Monday, April 23, 2018, 11:04 AM
Submitted by: Landus Cooperative
Corn currently up 2 cents
Soybeans currently down 9 cents
We hope everyone had an opportunity to enjoy the nice weather this weekend! Markets opened up mixed but neutral this morning. Soybeans have continued to slip off as the morning has progressed, but corn has been holding steady to slightly up. The news cycle is a bit quiet so far, but it feels like the market is eyeing friendly forecasts and taking some risk off (at least in the soybean market). Outside markets aren’t much to talk about either. The soy complex is mixed with meal and oil lower but crush neutral to higher. In the livestock pits, cattle are higher but lean hogs are lower. The U.S. dollar is marginally firmer and crude oil is marginally weaker.
The weekly Crop Progress report will be out this afternoon, and we are expecting U.S. corn to show 6-7% planting progress. This time last year, progress was at 17% for the 18 states responsible for the majority of U.S. corn production. Corn planting progress in Iowa was at 8% this week last year compared to an average progress of 14% for 2012-2016.
Have a good day!