Weekly Recap April 5, 2019 + Bull Bear Banter Podcast
Saturday, April 6, 2019, 12:04 AM
Submitted by: Landus Cooperative
Friday afternoon, May corn closed down 2 ¾ at $3.62 ½, up 6 cents from last Friday’s close. December corn closed down 2 ¼ at $3.90, up 5 ¼ from last week.
May soybeans closed down 7 ¼ at $8.99, up 14 ¼ from last Friday’s close. November soybeans closed down 6 ¾ at $9.32 ¾, up 13 ¾ for the week.
We saw some recovery in the market this week after last Friday’s disappointing close, likely due to the start of a new month/quarter and the market having time to digest the report numbers over the weekend. The wet weather conditions continue to present a concern that a delay in spring field work and planting could become a pressing problem. Ethanol numbers remain in the disappointing range for the corn market, with corn use for ethanol in February down 7.1% from where we were a year ago.
For soybeans, concern over the lasting impacts of ASF in China are mixed with optimism that the US and China will finally reach an agreement with trade talks. Overall, the low acreage number of 84.6 million acres the USDA put out in last week’s report could help offset the burdensome stock numbers.
Check out this week’s Landus Cooperative Experience podcast, for a special guest interview following the regular Bull Bear Banter! You can download and listen here: http://www.landuscooperative.com/market_commentary/bull-bear-banter-a-little-recovery-for-the-week/