Morning Comments Nov. 27, 2018

Opening Calls

Corn steady

Beans +3 to 4

 

Yesterday, the December corn contract closed 3 cents lower settling at $3.56, and the July contract was 2 3/4 lower closing at $3.82 3/4.  January soybean futures closed 18 3/4 lower settling at $8.62 1/4, with July futures off 17 1/2, closing at $9.02 3/4. The markets are trading a bit higher this morning, but most still seem pessimistic that there will be positive news in regard to trade relations with China.   Export inspections were released yesterday, corn came in above market expectations at 44 million bushels, but still lagging behind the 45.4 million bushels average needed to meet the USDA’s projections.  Beans came in at the upper end of expectations at 40.6 million bushels, which is sharply lower than last year’s 63.4 million bushels.  Presidents Trump and Xi are supposed to meet this week at the G20 Summit, and with trade sitting on a large short bean position, any positive news could spur a short rally. 

We are starting to roll out our 2019 New Crop Opportunity Programs. First up is a 3rd party managed bushel program with a Dec. 17 sign up deadline.  Please contact your local GMA for more information or dial 877-778-2226.

 

Today is the last day for the harvest weight exemption from the State of Iowa.