Grains

May corn futures made several attempts to rally last week but failed to hold those attempts through the close, which has kept the funds comfortably short. Friday’s Commitment of Traders report showed funds net short position at 99,925 contracts.
Corn futures caught a midday bid yesterday on the back of oil prices surging as much as 30%. President Trump tweeted that Russia and Saudi Arabia had open lines of communication regarding a production cut of 10-15 million barrels per day.
Yesterday’s USDA report had corn prospective acres at an astonishing 96.99 million acres, well above the average estimate of 94 million. Corn quarterly stocks came in at 7.953 billion bushels, towards the low end of estimates.
Attention is all on this morning’s USDA report, out at 11 am CT. Corn prospective acres are expected to come in near 94 million. Quarterly stocks are expected to come in near 8.134 billion bushels.
May corn continue to grind higher yesterday, despite news that two more ethanol plants will be closing, due to negative margins. Export sales this morning came in at a whopping 1,814,300 for old crop corn.
May soybeans extended their rally yesterday on the back of hopes for better demand and potential port disruptions in South America. The market is giving back some of those gains in the early morning trade.
Corn futures staged nice recovery early yesterday but failed to hold all the gains into the close. This morning, prices are working back towards the top end of yesterday’s range.
Outside markets will continue to have a bearing on the grain sector, if we can avoid the limit down days and peak panic environment like we saw yesterday, we think the market can focus back on its own fundamentals.
Soybean futures got taken to the woodshed yesterday, alongside nearly everything else. Outside markets have firmed in the overnight/early morning trade which has helped offer relief to beans.
Soybean futures got taken to the woodshed yesterday, alongside nearly everything else. Outside markets have firmed in the overnight/early morning trade which has helped offer relief to beans.