Weekly Market Recap April 19, 2019
Friday, April 19, 2019, 6:04 PM
Submitted by: Landus Cooperative
No markets today, April 19th, due to Good Friday. Trade will resume Sunday night at 7 pm.
Thursday afternoon, May corn up ¼ cent at $3.58 ½, down 2 ½ cents for the week.
December corn closed down ½ cent at $3.86 ¼, down 2 ¾ cents for the week.
May soybeans closed up 1 ½ cent at $8.80 ½, down 14 ¾ cents for the week.
November soybeans closed up 1 ¼ cents at $9.13 ½, down 14 ¼ for the week.
CORN: CFTC data from last Friday showed the funds posted another record large net short position in corn, just shy of 272,000 contracts as of Tuesday. Compared to the previous week, they grew their short position by 25,000 contracts. Weekly Export Sales report showed old crop corn sales at 947,600 MT, well above the estimate range of 500 to 850,000 MT.
SOYBEANS: Managed money came in about 71k short in soybean contracts this week, little change from the previous week. NOPA’s crush report for March came in at 170 million bushels of soybeans, the 2nd largest total on record and 2 million bushels above most estimates. Trade is growing wearing of visible progress in the China trade talks, despite promises from White House advisor Larry Kudlow that “We are making good progress with China.”
Quiet markets this week as it is still a little early for Crop Progress report data to tell us much. Despite weather concerns and some delays, we are seeing progress in fieldwork. Low futures prices are being somewhat offset with strong basis numbers, continuing to hold up the cash corn price. However, this situation could change if we see an increase in producer grain movement.
Enjoy the spring weather this weekend, and make sure to take some time in the coming week to visit with one of our Grain Marketing Advisors about your pricing goals for the grain you have in the bin, the crop you are going to plant this spring and even your 2020 crop.