Corn and soybean markets are steady this morning after the funds added to their short position yesterday. The funds currently sit short 259,000 contracts of corn, 85,000 contracts of soybeans and 75,000 contracts in the wheat market.
Flooding in Nebraska, Iowa, Kansas and Missouri continue and look to continue in the near future with warmers temperatures adding additional snow melt to the already overwhelming water levels in these areas. This flooding will definitely have an impact on the planted acres this spring, but the extent of acres would only be a guess at this point.
Sonny Perdue said that trade talks with China are “dynamic” and that China could triple its 2017 purchases of US farm goods in the next five years. These comments are getting old and until we see the sales and actual shipments I am not going to get too excited.
Next Thursday the USDA will release its quarterly stocks and planting intentions report. This will be the last market mover report until the June stocks and planted acres report.
With spring field work and planting right around the corner, make sure you take time to get firm offers in with your buyers, update the firm offers you have in.
Have a Safe Day!