Morning Comments May 4, 2018

Friday, May 4, 2018, 8:05 AM
Submitted by: Landus Cooperative

Opening calls:

Corn steady to down 1

Beans down 10-12

Wheat down 5-8


Soybeans are the reason markets are lower this morning. U.S. and China talks yesterday ended in a standstill, which traders see as negative. Beans rallied late session yesterday because of a CNN news release, saying that the U.S. and China had come to an agreement.


Much needed rains in the Plains are causing wheat to head lower. Some question if the rain has come soon enough to save some of the wheat crop. Wheat Quality Council tour ended yesterday. They estimated yields at 37.0 bu per acre, down from 48 bu per acre last year.


The U.S. dollar is trading around it’s 5 month highs. 


Harvest in South America is still moving at a good pace. When you equate currency rate exchanges, beans in Brazil are approximately $17.00 per bushels. Traders are also seeing this as negative, because they think that more acres in Brazil will get planted to beans.


Trade will also be watching the weather through the weekend in the Midwest. If it continues, planters will be at a standstill until mid-week, pushing corn planting further behind.


Yesterday and last night are good examples of why we encourage FIRM offers – at the end of the day yesterday, we had cash prices in many forward delivery positions at new highs, but they have slipped back with the overnight trade. Please let us know if there is a specific price point you want to sell and then let the offer system do the work.



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