Morning Comments May 20, 2019

Opening Calls:

Corn: Up 5 to 7

Soybeans: Up 10-12

Corn: The corn market is trading higher again this morning with traders trying to figure out what the total crop loss could be from late planting. Markets reached two-month highs on the overnight with December futures trading (and holding) above the $4.00 mark. The USDA weekly planting progress report is due out this afternoon and is expected to show 45-50% of the corn crop planted.

Soybeans: The soybean market ended Friday down 18 cents with concern that weather delays could move some corn acres over to beans. This morning the bean market is trading higher with some concern that weather could affect bean acres. USDA weekly planting progress report is expected to show 10-15% of bean acres planted.

Get your offers in.  The market, especially corn, has been steadily moving higher, with July futures adding over 45 cents in the past week. December futures have also been rising, adding about 40 cents in the past 5 sessions. If you missed the opportunity earlier this year to sell at good levels, now may be a god place to add some sales for Old Crop or New Crop.  Soybeans haven’t been nearly as dramatic, but July futures have quietly added about 40 cents since last Monday. November beans have done about the same.  Without a solid deal wrapped up with China anytime soon, the potential for further increases in bean values may be limited, especially for Old Crop. There are a lot of unsold soybeans to be moved in the next 100 days or so. Let us know what levels you are looking for.