Corn down 2 to 3 cents
Soybeans down 3 to 5 cents
May corn closed down 2 ¾ cents yesterday at $3.77 ¼. December closed down 1 ½ at $4.00 ¼. Trade is running out of enthusiasm for the U.S. and China trade talks, as corn has seen off-and-on support on the hope that an agreement with generate new demand for U.S. corn. Planting progress in the Delta and Southeastern U.S. is staying on track with its normal rate and drier conditions should continue to help. Market movement today and tomorrow will likely be primarily due to positioning ahead of Friday’s reports. Basis remains fairly strong in most areas, but this could be threatened if we see increased selling/grain movement.
May soybeans closed down 5 ¾ cents at $9.00 ¾, and November was 5 cents lower at $9.34 ¾. The stocks report on Friday is likely the primary cause, as the U.S. continues to have burdensome stocks. A similar story to corn, we look for positive developments in the U.S. and China trade talks, but at this point “talk” is the key word.
Enjoy the warmer temps today! The forecast for later this week seems to indicate there’s a possibility we’re not quite done with winter for the year.