Morning Comments April 25, 2018
Wednesday, April 25, 2018, 7:04 AM
Submitted by: Landus Cooperative
Corn up 1 to 2 cents
Soybeans up 3 to 5 cents
Another fairly quiet trade day yesterday. Nearby corn futures closed up 2 ¾ cents with support from the 20 cent turnaround in the wheat market and the below average planting progress. We expect things to pick up quickly with warmer temperatures and drier weather in the coming days. Analysts are starting to take a closer look at possible hot and dry weather conditions in Brazil’s safrinha corn belt as we go into early May.
Soybeans also closed in the green yesterday, with nearby futures closing up 1 ½ cents. In addition to the strength from the other grain markets, a sale of old and new crop beans to Argentina, totaling 130,000 MT, was announced yesterday. Outcomes of trade talks with China are still in the back of everyone’s mind, contributing to the back and forth movement we have seen in the bean market the last couple of weeks.
Without much new market news, we expect to continue this quiet trade pattern as we get a better idea of how planting is progressing.