Corn: 2 to 3 higher
Beans: 2 to 3 higher
May corn futures closed 1/4 higher yesterday settling at $3.19 3/4. U.S. corn sales of 907,000 mt fell within market expectations of 6000,000 mt 1.2 mt, making them within the weekly average needed to meet the USDA’s 1.725 bil bu. export projection. The corn market is trading higher this morning as the market has become oversold and traders are looking to the re-opening of the economy to help stabilize prices.
May soybean futures closed 5 1/4 lower yesterday settling at $8.36 3/4. Bears are pointing out that soy meal fell to new contract lows this week and U.S. soybean sales last week were 245,000 mt, below the market expectations of 300-600,000 mt. Predictions that if China does not buy soybeans this summer the U.S. soybean exports could be overstated by 150 to 250 million bushels. This morning the soybean market is trading higher following outside markets.
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. AND, take another good look at the bins to make sure you are maintaining quality, especially with the warmer temps predicted for next week.
Stay tuned later today for the latest episode of the Bull Bear Banter podcast.