Weekly Market Recap April 27, 2018
Friday, April 27, 2018, 2:04 PM
Submitted by: Landus Cooperative
We saw a lot of back and forth this week that seemed to give the market an overall neutral to somewhat bullish feeling. Without any major news to drive the markets throughout the week, trade focused on planting delays in the U.S., dryness concerns in Brazil and optimism about trade negotiations between the U.S. and China. Corn managed to close well in the green the first half of the week, but seemed to run out of steam on Thursday with talk of excellent planting conditions in the Midwest. Thanks to advances in technology, equipment and agronomy, planting delays do not often slow producers down for long and do not have as much (if any) of a negative impact on yields.
Both corn and bean markets seemed to get a second wind today, possibly in part to the news that leaders of North and South Korea have pledged to bring a formal end to the Korean War after 65 years? For the week, corn futures gained between 12 and 13 cents from last Friday. Soybean futures gained between 12 and 16 cents from last Friday. In the cash market, we saw basis improvements for both corn and beans for the nearby months. Trade will be watching Monday for the next USDA crop progress report, out at 2:00pm, to see how producers have advanced with planting over the weekend.
Have a great weekend and please be safe as you are making your way out the to field!