Morning Comments May 9, 2018
Wednesday, May 9, 2018, 8:05 AM
Submitted by: Landus Cooperative
Corn: Steady to 1c lower
Beans: Steady to 2c lower
Today we will see the release of the EIA’s weekly ethanol production and stocks report. Production margins are still good with a strong demand for DDGs. Tomorrow we will see the release of the USDA’s initial 2018/2019 S&D balance sheet along with an update on the 2017/2018 S&D balance sheet. Pre-report estimates for corn production are 14.091 vs 14.604 last year. Pre-report estimates for soybean production are 4.324 vs 4.392 last year. The U.S. and China are still in trade negotiations.
President Trump announced yesterday that the U.S. will be pulling out of the Iran nuclear deal. Crude oil prices are working higher and the dollar index is trading higher this morning as well. Rain is expected to fall in the dry areas of Brazil later this week. The rains will move out of Argentina, where it has been keeping some areas too wet for harvest.
Have a good day!