Corn steady to up 1
Beans up 1 to 2
The May corn contract closed ¼ cent higher yesterday, settling at $3.71 ½, and the December contract was ¼ cent higher closing at $3.95 ½. The May soybean contract closed 2 cents higher settling at $9.06, and the November contract was 2 cents higher closing at $9.40 ¼. Giving the corn market upward possibilities, is the potential for Chinese demand and wet weather, making many believe that corn acres could move to bean production. Keeping a lid on upward movement for corn is the possibility of larger South American yields and good yields being reported out of Ukraine. Beans continue to find downward pressure from the ongoing trade negations with China, and President Trump mentioning that tariffs could stay in place to make sure the Chinese make good on their end of the deal. Also, adding pressure is the growing concern that the flooding throughout the Midwest and potential planting delays will mean more acres will go to beans. Positive to the pork industry is that Rabobank sees China’s pork imports doubling due to African Swine Fever as the USDA ups efforts to keep it out of the U.S.
Ventures: this weekend walks in welcome.
Planting Intentions Reports next Friday, get offers in for potential volatility, we can do Futures and Cash offers.