Corn down 2
Beans down 2
Thursday, the May corn contract closed ¼ cent higher, settling at $3.58 ½, and the December contract was ½ cent lower closing at $3.86 ¼. For the week, the May contract closed 2 ½ cents lower, and the December contract closed 2 ¾ cents lower. Last week we saw an increase in shorts of almost 36,000 contracts adding to a position of over 307,500 total shorts. Corn is trading down as there is no trade resolution, continued favorable South American conditions, and a predicted El Nino summer (strong yields). The weather throughout the corn belt has turned favorable to planting, and last week a large percent of planters started running. It will be interesting to see how many acres were planted as of Sunday with this afternoon’s release of the Planting Progress Report.
The May soybean contract closed 1 ½ cents higher settling at $8.80 ½, and the November contract was 1 ¼ cent higher closing at $9.13 ½. For the week the May contract closed 14 ¾ cents lower, and the November contract closed 14 ¼ cents lower. Soybeans are in a downtrend with little progress in trade negotiations between the U.S. and China, and the African Swine Fever is now reported in all parts of China. China has lost over 200 million hogs to ASF, worldwide production of pork is estimated at 750-800 million hogs, so losing over 200 million head is a huge reduction on feed demand. USDA’s first national Soybean Planting Progress Report will be out this afternoon with 2-5% of acres estimated to be planted.
Hope everyone had a safe holiday weekend, please be safe as we put our crop in the ground.