Morning Comments May 9, 2019

Black Dirt

Opening Calls:

Corn down 3-5

Soybeans down 5-7

 

7-10 day weather forecasts are changing, letting trade think that farmers will get back into the field and catch up to the 5 year average on planting progress for corn and beans.

 

Yesterday corn with its down day closed below the 20 day moving average. That with the thought that the China trade deal might not happened, took the supports out of the corn and bean market.

 

Tomorrow the USDA will release the May WASDE report out at 11 a.m. central time. Trade will be watching to see what the USDA does with ending stocks on corn and beans.

 

If ending stocks on beans end up at over 1.0 billion bushels in the U.S., where will the new bottom in the bean market be?