Morning Comments June 3, 2019

Opening Calls:

Corn: steady up 2 higher

Soybeans: up 1 to 2 

Corn markets took a step back on Friday due to profit taking and some concern about the announcement of a possible 5 percent tariff on goods from Mexico. Mexico is one of the top buyers of corn from the U.S. and there is concern that this dispute could spill over into corn exports. This afternoon the USDA releases their weekly plant progress report. The trade is estimating total U.S. progress to be somewhere between 72 and 75 percent. The main concern will continue to be Illinois and Indiana's planting progress. 

Soybeans closed lower Friday with traders taking some profits after a week of higher prices. New crop demand continues to be a concern in the bean market, specifically with China. U.S. new crop sales to China are at 50 mil bu. which is the lowest in over a decade. Farmers across much of the country were able to get some work done in the fields this past week; trade estimates for today's USDA report are 40 to 44 percent planted as of Sunday afternoon.