Morning Comments May 8, 2018
Tuesday, May 8, 2018, 8:05 AM
Submitted by: Landus Cooperative
Corn: 1 to 2 higher
Beans: 5 to 6 higher
The USDA’s weekly crop progress report was out yesterday afternoon. National corn numbers were 39 % vs. 17% last week and Iowa showed 40% planted vs. 17% last week. Soybeans came in at 8% vs. 3% last week for the nation and Iowa showed 3% planted vs. 0% last week.
U.S. corn export shipments came in at 75.4 mil bushels last week and soybean exports were 19.6 million bushels. WASDE report will be out this Thursday. Most believe the USDA will increase the estimate for corn ethanol usage and corn export estimates believed to increase as well.
The trade is watching trade negotiations between the United States and China very closely. The dollar index rose to a 4 ¼ month high and closed higher yesterday. June crude oil and gasoline closed higher yesterday with June crude oil at a new 3 ½ year nearest-futures high.
Landus Cooperative's agronomy team is reminding growers to stick to the plan in this week's agronomy alert video: Don’t disregard the pre-emergence herbicides, nitrogen stabilizers, hybrids and varieties you planned on for the #plant18 season. There’s still time to grow a great crop if you stick to the plan and execute. https://youtu.be/0G-0tveGck8
Announced today, Landus Cooperative has signed an agreement with ADM to acquire ADM’s grain facility in Manilla, IA. Pending final documentation, Landus Cooperative is slated to take possession June 1, 2018. Read more: http://ow.ly/SxMe30jTd7R
Have a good day!