Corn is up a couple cents this morning after yesterday’s selloff at the closing. As expected we saw traders add to their short positions in corn and soybeans as they prepare for today’s report. Today’s USDA report, warmer temperatures and month end positioning could make for some very volatile trade today. Funds were short 92,000 corn contracts after yesterdays close.
Reports out overnight that China will relax restrictions on foreign investment in some industries including auto, banks and agriculture is being viewed as a step toward resolution of the trade conflict.
The US Midwest weather forecast has no major changes as ridging with hot temperatures will occur next week. The 11-16 day forecast has the ridge moving out with some rains and slightly cooler temps.
Below are today’s estimates.
USDA Quarterly Stocks (billion bu)
|USDA June 1, 2018||Ave. Estimate||USDA June 1, 2017|
USDA Prospective Plantings (million acres)
|USDA June 1, 2018||Ave. Estimate||USDA March, 2018|
Check back at 11:00am for todays numbers.
Have a Safe Weekend and Stay Cool!