Morning Comments May 11, 2020

Johndeere Planting 21

Opening calls:

Corn: 2 to 3 higher 

Beans: 4 to 6 higher 

Corn and beans are trading higher this morning after below normal temperatures this weekend, leaving trade wondering about the impact on the early planted crop. The WADSE Report will be released tomorrow at 11 AM, and trade is waiting to see the USDA’s adjustments to the supply and demand due to COVID. The U.S. is becoming competitive to Brazil and could see orders turn to the U.S. for beans, and there are rumors of cargoes of U.S. corn to China on Friday, pushing corn higher. Hope everyone had a great weekend and stayed isolated if you haven’t locked in some fall basis on corn, now would be a great time, with potential ample supply and weak demand, corn basis could run away.