Corn: 3 to 4 higher
Soybeans: 3 to 6 higher
Yesterday’s export sales were on the high end of projections. Originally, U.S. corn lost its competitiveness beyond April/May but that trend has switched with Argentinian basis increasing to $1.10 over CBOT futures. Total export commitments continue to lag last year’s pace by 26%, but the recent increase in sales is beginning to look like we’ll hit the USDA projections. Energy prices also rallied yesterday giving strength to the corn market as President Trump looks to broker a deal between Saudi Arabia and Russia. The large supply of ethanol and the continued decrease in demand for gasoline will continue to pull down any large rallies. The average ethanol margins are still 75 to 90 cents/gallon in the red.
Beans followed the meal market lower yesterday as the meal closed below the 50 day moving average. Export sales beat expectations yesterday with Mexico being the largest destination and China coming in as well. Their main source of soybeans continues to be the South American countries but the uncertainty towards how they will handle logistics continues to grow in the wake of the pandemic.
Later today, we will release our latest episode of the Bull Bear Banter podcast. You will be able to find it and previous episodes here: https://landuscooperativeexperience.podbean.com/
In the meantime, if you’re looking for something to pass the time on this rainy Friday, here are some interesting and/or helpful links:
- A great way to stay in touch with others is Zoom, a video conferencing tool - this is a how-to video: https://support.zoom.us/hc/en-us/articles/201362193-Joining-a-Meeting
- This article gives some good streaming services for those that might be interested in finding old classic movies: http://www.seeclassicfilms.com/10-places-stream-classic-films-on-tv-online-appletv-roku-amazon-fire
- Tips for learning to work at home with your kids: https://www.yalemedicine.org/stories/8-tips-work-at-home-with-kids-covid-19/
- And finally, a link about muscle cars and various other blogs about them: https://www.autoinsurance.org/muscle-cars-45-blogs-of-your-favorite-classics-new-classics/