Morning Comments May 3, 2019

Springanhydrous

Opening Calls:

Corn steady

Beans 2 to 3 cents better

 

The corn market continues to be supported by poor weather and poor weather forecasts. The next planting progress report will be out on Monday and the expectation is that no nearly enough progress will have been made this week. Next week’s WASDE report should show another increase for the ending stocks, which will push it into the 2.2 billion bushel range. The corn market is trading mixed this morning, May futures up a bit, others down slightly.

 

Corn levels are getting back into the selling numbers for many people. It’s a great time to put in an offer and talk to your Grain Marketing Advisor about other marketing alternatives that might be beneficial for you and your operation.

 

Soybeans were down again yesterday. Multiple factors seem to be putting pressure on the soybean market. Still no deal with China and it is starting to look like if there is a trade deal with China, it will probably be for new crop soybeans. With the WASDE report coming out next week there is a possibility that the soybean carryout will be slightly increased.