Weekly Market Recap April 12, 2019

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LISTEN to this week’s recap here.

Friday afternoon, May corn finished +1 at 3.61, and that is -1 /2 for the week. December corn closed + 3/4 at 3.89, and down 1 for the week. For soybean futures, May closed unchanged for the day at 895 ¼, but down 3 3/4 from last Friday’s close. November beans finished -1/2 at 9.27 3/4, and lost 5 for the week.

It was announced earlier this week that the trade show portion of the National Pork Producers Council’s Pork Expo will be cancelled this year as a precaution due to African Swine Fever continuing to spread in China. Since this expo was first held in 1987, this is only the 2nd time this has happened. The first time was in 2001, due to an outbreak of Hoof and Mouth Disease in the UK and other parts of Europe.

USDA’s April WASDE was released earlier this week, with minimal impacts on the market. US corn carryout was increased to just over 2 billion bushels, up from 1.835 billion in the last estimate. US soybean carryout was dropped just slightly from 900 million to 895 million. While this is only a small percentage, it is a step in the right direction as burdensome stocks continue to weigh on the market.

We continue to look for progress in fieldwork amidst these spring weather woes. Our thoughts continue to be with those in areas experience flooding/blizzards.