Morning Comments May 1, 2018
Tuesday, May 1, 2018, 7:05 AM
Submitted by: Landus Cooperative
Corn 1-3 higher
Beans 2-6 Lower
The overnight rally was led by wheat and soybean meal. Beans have struggled the past day. Even with strong exports and new sales to Argentina, soybeans can’t get turned around after yesterday. Beans are feeling the pressure from the fact that the U.S. and China haven’t come to an agreement yet.
Crop Progress came out late yesterday afternoon. Corn progress came in at 17%, which was at the low end of estimates.
Rains are moving through the Midwest today and tomorrow, bringing planters that were moving to a halt, which is adding support to the corn market.
Cargill will start soybean crushing again today in Argentina after a 10 day Strike. Chicago Board of trade revised daily price limits become effective today, with a change for beans, now 75 cent initial daily limit vs. 65 cents previously. Corn limits are unchanged at 25 cents initially.