Opening calls:
Corn steady to +/- 1 cent
Beans up 2 to 4 cents
Good morning!
Yesterday, corn contracts closed down between 2 ¼ and 3 ½ cents. The weekly EIA report showed a decrease in U.S. ethanol production more than what analysts expected, down 8 million gallons from the previous week’s 295 million gallons. This time last year production was at 305 million gallons, so we continue to fall behind.
Soybeans closed down between 11 ½ and 13 ¼ cents yesterday. We saw increased selling from Brazilian farmers, and continued concern about the large U.S. stocks numbers. We will need a significant shift from bean to corn acres to offset that, and concern that a late spring it is likely the opposite will happen.
Trade is fairly quiet this morning, as we await tomorrow’s report numbers on planting intentions and quarterly stocks.
