Morning Comments May 2, 2018
Wednesday, May 2, 2018, 7:05 AM
Submitted by: Landus Cooperative
Over night and early calls are lower.
Corn 1-2 lower
Beans 3-5 lower
Wheat 1-3 lower
Wheat right now is getting the most pressure with rains that moved through the areas that needed it. Wheat has been the leader so far this week, and traders are taking some profits. Corn is starting to lose steam. It has climbed to the top of most corn charts and is needing new news to keep moving higher.
U.S. and China started their talks last night, as of this morning, no one knows how those talks are going.
Crush numbers were out yesterday and numbers were below average trade estimates. Corn numbers out of the Safrinha part of Brazil continue to drop. Argentina is now getting hit with rains, which are much needed. Wheat Quality Tour is in northern Kansas. They have estimated the HRW crop there at 38.2 bpa. Last year the average yield was 43 and the 5 year average is 42.0