Morning Comments May 2, 2019

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Opening Calls:

Corn unchanged to down 1

Beans down 2 to 3 cents

 

Yesterday the corn market saw a rally, up anywhere from 2 to almost 7 cents higher, with short covering continuing and May futures closing higher for the 5th straight close. Traders are also beginning to factor in the wet and cold temperatures and forecast ahead that may lead to potential acre shifts. The corn market is trading mostly unchanged this morning.

 

Yesterday the soybean market closed at fresh lows, but did recover somewhat by the close. The quiet U.S./Chinese trade talks along with the potential acre shifts from corn to soybeans with wet and cold weather continues to put pressure on the soybean market prices.

 

The USDA’s weekly export sales report releases this morning.