Soybeans Up 13 to 14 cents
Friday the May corn contract closed 1 3/4 lower while soybeans, on the other hand, closed 19 1/4 higher for May. The corn market slid because of continuing concern for the ethanol industry due to the decline in crude oil prices, pressuring ethanol markets. This morning the corn market is trading steady to mixed because of the strength in the soybean and wheat markets. The concern over the 2020 corn crop is starting to ramp up again as the Prospective Planting report will be released on the 31st.
The soybean market has been rallying due to the strength in the soybean meal market. One of the concerns with ethanol having a slower pace is that this will also reduce the supply of DDGs which will probably add to the demand for U.S. soybean meal.
Reach out to your local Grain Marketing Advisor and let us know if we can assist you with anything.