Corn: 1 to 2 lower
Beans: steady to 1 lower
Thursday saw the release of the USDA’s WASDE report which leaned to the negative cutting annual ethanol usage by 375 million bushels and increased ending stocks. Despite the negative tone to the report, the corn market saw a slight rally following macro markets higher as Russia and Saudi Arabia worked on an oil production agreement and the Feds announced they would provide another stimulus package. The corn market is trading lower this morning as it continues to suffer from slowed ethanol demand and a large number of predicted corn acres to be planted. The agreement hammered out over the weekend with OPEC+ is calling for a 10% reduction in crude oil production. Many in the industry do not think this is a big enough cut to stabilize oil prices too much.
Soybeans also saw a slight rally after the release of the WASDE report despite negative numbers with the May contract closing 9 cents higher at $8.63 1/2. Export projections were reduced by 50 million bushels as we continue to see competition from Brazil and no additional new of demand from China. However, the USDA did reduce South American production by 3.5 million metric tons.
If you are planning to move Old Crop corn or beans when planting wraps up, now would be a good time to get some offers in place with us.