WATSEKA – Tuesday’s USDA report pretty much met expectations and the bullish information came from soybeans.
The U.S. soybean number was below trade expectations and the same was true for Argentina.
“It’s not something that is out of line with what we’ve been seeing from reports of Argentina and their bean crop,” explained Merrill Crowley with Midwest Market Solutions in Watseka.
Now that Tuesday’s April report is behind us, thoughts turn toward weather during our planting season and beyond. We aren’t late yet but some areas are starting to feel that way. So far, the biggest delay is in spring wheat planting.
“If they can’t get the spring wheat planted, they’ll be looking to plant more beans,” Crowley added.
Some weather forecasters are expecting the cooler than normal weather to stick around before suddenly transitioning to a summer-like pattern. Crowley believes the market could stay somewhat supported until that time – when the corn market could see a retracement. Crowley is looking for a low during the late May through early July period.
There is plenty to watch around the world which could continue to impact markets. Tariffs are out there although everything is in limbo currently. If interest rates continue to increase, that could put some in a bind. Plus, possible military action in Syria hangs over our heads.
“You kind of have to take it one day at a time,” Crowley noted.
Crowley can be reached at 815-432-2220.