Morning Comments May 14, 2018
Monday, May 14, 2018, 8:05 AM
Submitted by: Landus Cooperative
Corn – steady to down 1
Beans – up 3
Wheat - steady down 5
The markets are mixed this morning with beans trading little higher while corn and wheat are lower. Brazil production is larger than expected and uncertain trade relations between the U.S. and China is weighing on minds of traders. China did announce that they will be working with United State for progress in trade negotiations this week. Weather over the weekend in the U.S. yielded rains in the Northern Plains and Northeast Midwest favoring the areas of Michigan, Southern Wisconsin, Southern Iowa, Northern Illinois, and Northern Ohio. Argentina weather is drier thus beneficial and Brazil is getting some rain. Planting progress estimates are Corn 58 -60%. Soybeans 25 – 30% and Wheat is 45- 50% planted.
Money managers sold another half-billion dollars of crude oil futures and options contracts last week even as prices rose to new 3 ½-year highs on tensions with Iran. Speculators modestly increased bullish positions overall in agriculture ahead of key USDA reports, according to Friday’s Commitment of Traders from the CFTC.
Have a good day!