Morning Comments December 14, 2018
Friday, December 14, 2018, 2:12 PM
Submitted by: Landus Cooperative
Corn 1-2 higher
Beans 2-4 lower
Corn is rallying this morning over rumors that China is purchasing corn from the U.S. Yesterday’s weekly sales on corn were a little disappointing, lower than trade expected them to be.
With the sale of 1.3 MMT of soybeans to China, one would have thought that soybeans would have rallied yesterday. Instead they were lower because the trade thought that China would have bought more beans on the first initial sale.
Informa came out with the December estimates on planted acres for next year. They reduced corn acres from November and increased their soybean estimate by 1.6 million acres.
Farmers are still waiting to hear about when/if/how much the 2nd payment on the Market Facilitation Program will be.
Interesting fact on what grain has done in the past few months.
Prices are as of the close of the day and are Ralston bids
Sept 18th Dec 13th Difference
Jan futures 8.28 9.07 .79
Cash bid 7.18 8.40 1.22
Nov 26th Dec 13th Difference
Mar futures 3.68 3.84 .16
Cash 3.20 3.43 .23
So how much more does the market have in it to move higher?
Next Tuesday is the annual meeting for Landus Cooperative. We invite members to RSVP by the end of today. Our guest speaker will be USDA trade counsel, Jason Hafemeister. For more details click here.
Also, tune into this afternoon's podcast. Our Bull Bear Banter hosts will cover the big week . https://landuscooperativeexperience.podbean.com/