Morning Comments December 7, 2018
Friday, December 7, 2018, 2:12 PM
Submitted by: Landus Cooperative
Corn steady to up 2 cents
Soybeans up 2 to 4 cents
December corn closed down 2 1/4 yesterday at $3.72. The weekly EIA ethanol report showed production was above expectations at 314 million gallons. Ethanol stocks were higher last week at 966 million gallons. With record-high ethanol stocks and concern the U.S./Chinese truce won’t result in an increase in demand for U.S. corn, trade is getting into the overbought territory.
January soybeans closed down 4 cents yesterday at $9.09 1/2. USDA Export Sales report will be out this morning. Trade is looking for bean sales to be between 600,000 and 900,000 mt. Buenos Aires Grain Exchange estimates soybean planting in Argentina to be 54% complete, behind the average but on track with this time last year.
USDA’s Supply and Demand report will be out on Tuesday, December 11th at 11:00 am. Estimates for U.S. End Stocks are 1.738 bbu for corn, 0.945 bbu for beans.
We are starting to roll out our 2019 New Crop Opportunity Programs. First up is a 3rd party managed bushel program from INTL FC Stone and Roach Ag. There is a December 17 sign up deadline. Please contact your local GMA or call the Ames office at 877-778-2226 for more details.