Morning Comments April 26, 2018
Thursday, April 26, 2018, 8:04 AM
Submitted by: Landus Cooperative
Corn unchanged to down 1 cent
Soybeans up 2 to 4 cents
A stronger trade day yesterday. Corn futures closed 5 to 6 cents higher yesterday. Trade news is still minimal, but as producers get busy in the field we expect to see some strength in the basis. Even with planting delays, planting conditions are reported to be excellent in the Midwest. Current estimates are putting 20 to 22% of the U.S. crop in the ground by the USDA’s next survey this Sunday.
Soybeans also managed to close in the green yesterday, with nearby contracts up 5 1/4. At one point nearby soybean futures were up 10 but backed off some prior to the close. Soybeans are still trading on strength from optimism surrounding the trade negotiations with China. There is always the possibility of this momentum to run out if we do not have any weather issues or increase in export demand.
If you are checking our bids this morning, please note we have rolled to July futures for both corn and beans.