Corn Up 3 to 5
Soybeans Down 3 to 4
The corn market closed higher for the 4th day in a row yesterday mainly pushed higher by planting delays and a wet weather forecast. Traders are beginning to talk about late planting lowering yield prospects and slow germination that could affect stands and add to lower yield prospects as well.
The corn market is trading higher again this morning with traders trying to figure out what the total crop loss could be from the late planting and the possibility of prevent plant being a significant deal this year. The weather forecast is not all that great with some forecasters predicting rain into early June.
The soybean market traded higher yesterday on weather concerns and from spillover support from the strength in the corn and wheat markets. Export sales yesterday were within trade estimates, but were the best we have seen in about 5 weeks and were in line with the newly lowered USDA export estimates. This morning soybeans are trading lower with bean oil and meal trading lower as well. The weather is not favorable for the corn planting, but there is still a lot of concern that at least some of those corn acres will be pushed to soybean.
The June dollar index is trading 7 points higher this morning at around $97.75. Yesterday, June crude oil and gasoline futures rallied to 2-week highs.
This morning the June crude oil contract is trading around $0.50 higher. The June contract is trading just below the $63.50 level.
Later today, we’ll release the latest Landus Cooperative Experience podcast that will recap this week’s market direction during the Bull Bear Banter portion. We’ll also have a bonus feature with Kent Klingbeil discussing planting issues and the agronomics of corn being planted late.
You can find the a link to the podcast here, on our website under market commentary, or download the app on your smart phone.