Corn: 3 to 4 lower
Beans: 1 to 2 higher
Friday the corn markets closed higher with March up 4 ¼ cents at $3.83 ½. Corn rallied a bit with fund buying as they evened up short positions ahead of the WASDE report being released tomorrow. All eyes are on the Argentina corn crop as forecasters are estimating a record crop as large as 53 mmt as long as they continue to see normal weather conditions. The corn market is trading lower this morning as we wait for some news of additional corn buying or weather issues in South America.
Soybeans closed 1 cent higher on the March contract Friday at $8.82 as funds increased their short position, and the bean market followed corn and wheat higher. We continue to wait and see what effect the coronavirus will have on the phase-one trade deal with China, however, Friday China assured President Trump they are committed to fulfilling their obligations. U.S. soybeans will continue to struggle in the nearby as the Brazilian harvest continues with higher than average yields.
The deadline for the new crop Averaging Contract is quickly approaching – contract your local Grain Marketing Advisor to learn more about how this contract can fit into your marketing portfolio or call the trading floor at (877) 778-2226.
We are also only FIVE days away from our women in ag conference, Ventures. Many great speakers and topics are lined up including Delaney Howell. This is a conference you won't want to miss! Register TODAY! https://www.landuscooperative.com/news-events/blog/ventures-2020