Beans: Penny higher
Grains trading mixed this morning after another lower session yesterday. The soybean market is taking a hit due to continued strong South American harvests that are keeping export demand from China. This time of year South America can provide beans to many major global markets at a cheap cost. The Argentine government has estimated 2018/19 soy production at 55.0 MMT, with corn at 55.9 MMT, in their first official crop estimates for the season. These are high estimates and larger production values than what we saw last year from them. Meanwhile, the corn market continues to trade in a range as the U.S. weather forecast shows a few windows of opportunity for planting. Despite rains in the Midwest yesterday, field work is getting accomplished in the corn belt. As always, we are still waiting on any positive news regarding trade negotiations between U.S. and China…
Reminder: Markets are closed tomorrow in observance of Good Friday. Trading will resume Sunday evening at 7:00 pm. Have a great Easter!