Morning Comments May 7, 2018
Monday, May 7, 2018, 8:05 AM
Submitted by: Landus Cooperative
Corn -2 to 3
Beans -4 to 7
Grains are trading lower this morning. Talks to update the NAFTA trade deal enter a make-or-break week this week, as ministers from Canada, the United States and Mexico seek to resolve key issues before elections in Mexico and the United States complicate the process. Many uncertainties here: any headlines will be important to the trade. This afternoon’s Crop Progress and Conditions Report is likely to show corn seeding 35 to 40% complete, soybean plantings near 15% complete and wheat seeding 35 to 40% complete.
The average trade estimate for Thursday’s WASDE report has 2017/18 ending stocks for corn at 2.178 billion bu and soybeans at 541 million bu. Corn ending stocks for 2018/19 are estimated at 1.628 billion bu., soybeans at 535 million.