Morning Comments May 15, 2019
Wednesday, May 15, 2019, 2:05 PM
Submitted by: Landus Cooperative
Corn Up 6 to 8
Soybeans Up 11 to 13
Yesterday, the July corn contract closed 12 ¼ cents higher, settling at $3.68 ¾. The December contract was 11 ¼ cents higher closing at $3.87 ¾. The corn market rallied
yesterday after the USDA’s planting progress report showed another week of planting delays which triggered more fund short covering. There had been talk of corn acres shifting to beans, but there is much more talk of farmers taking the prevent plant option.
Today will see the release of the EIA’s weekly ethanol production report.
Yesterday, the July soybean contract closed 29 cents higher settling at $8.31 ½. The November contract was 29 cents higher closing at $8.56 ½. The soybean market rallied sharply yesterday with the lack of planting progress beginning to attract some trade attention. Plus, there was a bit of optimism in the market yesterday regarding the US/China trade talks. The NOPA April crush report will be out this morning at 11:00 am and is expected to show that 161.6 million bushels of beans were crushed in April.
The June dollar index is trading 2 points higher this morning at around $97.34. This morning the June crude oil contract is trading around $0.50 lower. The June contract is trading just above the $61.00 level.