Corn up 5
Beans up 7
Yesterday, the July corn contract closed 2 ¾ cents lower, settling at $4.24 ¼, and the December contract was 2 cents lower closing at $4.41 ¾. Corn traded lower yesterday as trade attempted to digest the possibility of a trade war with Mexico, one of U.S.’s top corn exporters. However, corn has rebounded recovering the yesterday loss with a disappointing Planting Progress Report, coming in on below the trade guess of 71% at 67%, up from 58% last week, but way behind the five year average of 96%.
The July soybean contract closed 1 ¼ cent higher settling at $8.79, and the November contract was 1 ½ cent higher closing at $9.06 ¼. Beans shook off fears of a trade war with Mexico, to trade slightly higher yesterday and waited for the Planting Progress Report. The Planting Progress Report was below expectations, spurring upward movement overnight. The report has beans coming in on the low end at 39% with an average guess of 42%, planted well below the five year average of 76%, but up from 29% last week. The weather forecast for the next few days is favorable to planting and could make corn acres shifting to beans the topic of conversation, as the corn prevent plant deadline has passed.
With progress below expectations, it could give us more opportunities to price corn, remember not to get too bulled up, make profitable sales, and sell the carries. Also, ask about our Bonus Premium levels that are above the $5.00 level.
Chart Compliments of Advance Trading.