Morning Comments April 8, 2019
Monday, April 8, 2019, 1:04 PM
Submitted by: Landus Cooperative
Corn Steady to up 1
Beans Up 1 to 2
Major surprises aren’t expected from tomorrow’s monthly USDA supply and demand report, which focuses exclusively on old crop and incorporates data from the agency’s March 29 stocks release.
There is an expectation that tomorrow’s WASDE report will show an increase in the carryout that will bring the 2018/19 carryout up to around 2.0 billion bushels with the USDA incorporating the March stocks numbers and likely making some minor downward adjustments to their ethanol and export projections.
The soybean market focus today and tomorrow will be on the USDA’s WASDE report. The trade is looking for a soybean carryout in the neighborhood of 900 million bushels.
The June dollar index is trading 16 points lower this morning at around 96.84. This morning the May crude oil contract is trading around $0.40 higher.
PLEASE NOTE: Our grain policy has changed effective April 1st. The change is in regard to free time for a delivery. For any new delivery started on or after April 1st, you will have 15 days to make a decision about disposition. These 15 days will also apply to the amount of time allowed for averaging loads on that delivery. On day 16, any open contracts will be filled and the balance of the grain will be automatically placed on open storage unless other arrangements have been made by the 15th day. This change will help the cooperative be more efficient transferring grain throughout the year, and especially during harvest.