Morning Comments November 28, 2018
Wednesday, November 28, 2018, 2:11 PM
Submitted by: Landus Cooperative
Corn up 2
Beans up 5
Yesterday, the December corn contract closed ½ cent higher settling at $3.56 ½, and the July contract was ¼ cent lower closing at $3.82 ½. Corn moved upwards yesterday, and the overnight, with the market being oversold, and harvesting concerns on the remaining 2 million acres as more storms move into the region. Also helping corn move upwards is U.S. Gulf corn is the cheapest and the increasing tensions between Ukraine and Russia.
Yesterday, the January soybean contract closed 13 ¼ cents higher settling at $8.75 ½, and the July contract was 12 ¾ cents higher closing at $9.15 ½. The future of the soybean futures lies in whether China and the U.S. work out trade issues, and many are optimistic on the Trump/Xi meeting this week. If there is positive news out of Argentina, funds are sitting on a large short position and could spur a short covering rally.
Just wanted to take a moment to highlight how much crude has dropped off in the last two months, this drop off is putting stress on the ethanol market and turning margins negative. At the high January, crude was trading at 76.55 and this morning trading at 51.16.
We are starting to roll out our 2019 New Crop Opportunity Programs. First up is a 3rd party managed bushel program with a Dec. 17 sign up deadline, there are three separate programs with FC Stone and Roach Marketing. Please contact your local Grain Marketing Advisor for more information or call 877-778-2226.
Landus Cooperative's seed and research plot results for 2018 are now available online at https://indd.adobe.com/view/db63596e-93a7-43db-aa43-59db3952d431.