Weekly Market Recap May 18, 2018
Friday, May 18, 2018, 2:05 PM
Submitted by: Landus Cooperative
A fairly mixed week, but the brief summary would be good overall for corn, concerning for beans. Monday, beans closed up 15 cents and had managed to be up 22 cents at one point while corn barely moved a penny in either direction all day. This week’s crop progress report showed Iowa’s corn planting to be at 65%, 15% behind this time last year and 5% behind the average. For all 18 states factored into the report, corn planting was only 1% behind the average of 63% and 6% behind this time last year. Most of the lag is coming from the upper Midwest. Soybean planting in Iowa is 5% ahead of the average at 33% and all 18 states were 9% ahead of the average at 35%.
Corn gained some momentum Tuesday, closing up 6 cents while soybeans closed up 1 cent, moving between down 13 cents and up 3 cents throughout the day. No promising news on talks between the U.S and China seemed to make trade apprehensive about a successful resolution anytime soon. Both corn and beans slipped off Wednesday, with corn closing down 3 and soybeans closing down 19 cents. Thursday brought more of the same, with corn closing down 2 and soybeans closing down 3.
We started Friday morning with the positive news that China is dropping the anti-dumping case on sorghum. As a result, corn had another strong trade day. While soybeans went back and forth, the momentum from corn was enough to keep them in the green at the close. Overall, corn gained between 5 ¾ and 6 cents from last Friday’s close. Beans lost between 4 ¾ and 6 cents.
A good week for planting to progress in most areas, with many producers trying to get everything in before the rain comes again this weekend. Once planting is complete, the majority of trade’s focus will most likely switch back to analyzing growing conditions. Remember, it only takes talk of a drought to move the markets.