Good morning!
The overnight electronic trading session was a quiet one last night with both corn and beans hovering close to their closes yesterday. Yesterday afternoon was the first weekly planting progress report (of course, only for states like Louisiana, Mississippi, Arkansas, etc. etc. are reporting this early). The weekly crop conditions report was delayed a day and will be out this afternoon.
Tomorrow of course is the April S&D, as I mentioned yesterday the trade seems to agree that the carryouts (aka projected ending stocks) in both corn and soybeans will shrink a bit when compared to the March report – but there are still questions as to how we will get to those numbers, especially in soybeans. Exports. Imports. Domestic crush. Residual usage. All of those categories will likely be tweaked just enough to spit out a carryout somewhere between 135mb and 145mb. The current average trade guess on soybean carryout is 139mb (it was 145mb last month). The current average trade guess on corn carryout is 1.403bb (it was 1.456bb last month).
The outside markets are mixed with Crude Oil higher at this time (UP 86 @ 101.30) along with a lower US Dollar (137.92 vs. Euro) and the US stock market is slightly lower (DN 7).
Opening Calls
Corn down 2 cents
Soybeans mixed, down 1c to up 1c
Have a great day!
@fccoopgrain
No comments:
Post a Comment