Markets are steady to start the week with both corn and soybeans hanging around unchanged. Last week resulted in a 5 cent gain in corn futures and a 5 cent loss in soybean futures. The funds remain short 265,000 corn and 61,000 soybean contracts.
Flooding in the western states and the talk of lost acres this spring has caught the traders attention, but we have yet to see any trade reflect this so far.
This week may be the best chance for the markets to rally with month end, quarter end and USDA reports on Friday. Fridays report will show quarterly stocks along with the first look at planting intentions for US acreage. With the funds sitting on record shorts I would not be surprised to see a small rally early in the week.
Producers are advised to get firm offers in with us before this week’s report and before you head to the field. Last week we were able to fill some $3.90 offers for February and March of 2020! These are great prices and more producers should be taking advantage of December thru May 2020 prices in the $3.75 to $3.95 range. Give us a call today to put in your offers.
We will be at the WPS Farm Show in Oshkosh this week on Tuesday, Wednesday and Thursday. Visit us in booth A3518.
Have a Safe Day!