Corn +3 to +4
Beans +2 to +3
At the end of last week, we saw a little bounce in the corn market, but still lost between 5 and 6 for the week. Beans finished lower Friday and were down more than 25 cents for the week.
We’re starting with some green on the board today. The main driver for corn is planting progress or lack thereof. We’ll see the USDA’s latest estimates this afternoon, but most of the stories we’re reading say to expect about 15% of the U.S. crop to be planted as of Sunday afternoon. For Iowa, the expectations are between 30 and 35%. If we see more than a small bounce here, we’d encourage you to take a look at late spring/early summer 2020 prices for a place to put on a sale. Many, if not most, of our locations are showing bids above $3.60, or more than 30 cents better than the same delivery period this year. If we were paying those numbers for this spring/summer, a lot of corn would be getting sold. Same for October 2020. If you haven’t made a sale out that far, we’d encourage you to get started with a small sale now.
For beans, last week was just plain ugly. We are seeing a little bit of a bounce this morning, with thoughts of being oversold last week. This morning, there is also, believe it or not, a thought that the U.S. and China may be close to a final deal on trade issues. Some sources are saying that the main sticking point is now corn and/or DDG’s instead of soybeans. Regardless, we are still weeks, if not months, away from a finalized signed and accepted agreement. But, it would be good to get this solved and behind us. It certainly seems like both sides have much to gain from any resolution than they do from dragging this out further. Other than that, there is not a lot of reason to be excited about soybean prices right now.