STATELINE COOPERATIVE’S EVENING COMMENTS 4-25-19
CORN: Active planting in the WCB, lack of progress with trade negotiations, and positive summer weather forecast drove the corn market to new contract lows. Rain did stop some areas from making any progress today, and that four letter word “snow” is being mentioned as a possibility in the Upper Plains this weekend. The 6 – 15 day forecast is turning wetter and colder. Export sales were good, or within the trade’s expectations at 780 tmt, above a year ago. There is 19 weeks of marketing for sales to be in line with USDA. This is just one more statement that what used to isn’t anymore, May 2019 Corn options expire tomorrow, and open interest levels are not the highest where current values are but at $3.70 - $3.75 area, that’s about 27 cents away, the norm is markets usually settle towards the highest concentration of option open interest on the expiration.
BEANS: Today’s soybean values came near July 2019 lows of $8.6325 set in September. No news from Trump, but China did book 212 tmt of soybeans for the 18/19 marketing year. Export sales came in at 596.3 tmt vs a year ago 371 tmt. USDA estimates the US will ship 254 mbu fewer soybeans than last year by season’s close, realistically it’s more like 400 mbu less.