Corn: 1 to 2 lower
Beans: steady to 2 lower
The corn market closed lower yesterday with the May futures settling 5 1/2 lower at $3.26. Energy markets continue to be disappointing with this morning’s EIA ethanol production and stocks report expected to fall to 185 to 190 million gallons vs 195 million gallons in last week’s report and 299 million gallons last year in April. The 1st Brazilian corn crop is now 72% harvested vs the average 71%. The market is trading slightly lower again this morning as there is no new news to move the market higher, and continued pressure in the crude oil market. Traders will continue to watch the weather with concerns about the large estimated planted acres.
Soybeans closed lower also yesterday with May futures 7 1/4 lower settling at $8.47 and soybean meal hitting new contract lows. However, bean meal is up $2 to $5 per ton this morning. Brazil continues to export beans at a record pace with no shortage of supply. The Brazilian soybean crop is now 88% harvested vs the 85% average.