Morning Comments May 12, 2020

Soybeans2

Opening Calls:

Corn: 1 to 2 lower

Beans: 1 to 2 higher 

Yesterday beans traded higher with support on buying rumors from China of 4-6 cargo ships and wheat pressured corn lower. U.S. corn was estimated at 67% planted as of Sunday, with Iowa at 91% and Minnesota at 89%. Soybeans are estimated at 38% planted; Iowa at 71% and Illinois at 43%

Corn export numbers are still strong, with 52.5 million bushels shipped last week, well above expectations. Soybeans at 18.2 million bushels shipped, came in at the middle of expectations. 

Corn is trading lower this morning and beans higher, as trade waits for today’s WADSE Report at 11 am. Average trade guesses have corn stock rising to 2.24 billion bushels and 20/21 at 3.389 billion bushels. Beans stocks are pegged at 488 million for 19/20 beans and 20/21 at 450 billion bushels. 

Outside markets are helping take some pressure off the grains, with the dollars trading lower, and crude and equities trading higher. China announced they are suspending exports of beef from after Australia, called for an independent inquiry on COVID.