Good morning!
The markets were mixed to a little higher last night on follow through from yesterday along with some friendly outside markets – giving the market a somewhat positive tone. The news wires are pretty quiet which means we could see a choppy trade throughout the day session.
The weather forecasts remain non-threatening for crops which is helping keep a lid on new crop prices. The strength in the market is coming from the nearby (old crop) futures. Domestic crushers have margin, whether it’s in poultry, dairy, ethanol or soybeans – they seem to be making a little money. This is holding up the value of old crop corn and soybeans.
Based off of the planting progress estimate from the USDA there were around 2.0-2.2 million acres of corn left to be planted and 7 million acres of beans as of Sunday’s survey. With the weather forecasts looking favorable for planting – the soybean number should shrink fast while the corn number will likely go down just a little bit, with a large percentage of those acres switching to soybeans or getting put into preventative planting.
Opening Calls
Corn mixed
Soybeans 2 to 5 cents higher
Have a great day!
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