Morning Comments May 15, 2018
Tuesday, May 15, 2018, 8:05 AM
Submitted by: Landus Cooperative
Corn up 1c to 2c
Beans steady to up 1c
Wheat up 1c
A bit of a mixed mood for the corn and soybean markets this morning. The corn market is trading slightly higher with traders buying corn and selling beans on prospects/assumptions of acreages shifting. This is countered by near-average planting progress #’s released yesterday afternoon. The ECB is way ahead of average while the WCB (primarily South Dakota and Minnesota) is lagging.
Iowa is sitting at 65% complete – 5% behind the average pace and 15% behind last year. Soybeans are sitting at 33% this year vs 36% last year. The report confirmed that good progress was made in drier areas, but continues to lag in northern areas.
Traders are feeling optimistic about the prospects for the trade talk between China and US. It sounds like some progress is being made on behalf of ag exports, but nothing is done and nothing is set in stone. South American producers have been heavy sellers of ag products as both the Brazilian Real and Argentine Peso struggle vs. the U.S. Dollar. This has pressured S.Am. basis values.
Have a great day!