Corn down 2
Beans down 4
Yesterday, the July corn contract gained 5 3/4, settling at $4.20 ½, and the December contract was 5 higher closing at $4.38 1/2. Corn traded higher yesterday with strength coming from wheat, that is getting upward movement from dry conditions in Canada, Australia, and Russia, as well as wet conditions in the US. But, this morning corn is trading a little lower due to improved South American production, cancellations of some export sales last week, and negative ethanol margins. Trade is trying to balance demand changes to our possible decrease in production.
The July soybean contract closed 1 lower settling at $8.68 3/4, and November was 2 lower, closing at $8.95 1/4. Beans traded slightly lower yesterday and again overnight with the improving weather forecast, and lack of a trade agreement with China. Yesterday export sales showed that new crop beans sales were at 56 million bushels vs. 234 million at this time last year. Sales for the year are down 16% from last year. Beans are having a hard time finding good news.
It’s Friday and that means another episode of the Landus Cooperative Experience podcast featuring the Bull Bear Banter will be released by the end of the day. On this week’s episode we will have a bonus segment discussing African Swine Fever in China with members of our Feed Team. Hope you have some time to listen to the podcast over the weekend.