BOB'S REVIEW
5/29/20
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April 23rd  04/23/19 3:52:37 PM

It’s taken a while but spring is here.  Just like every year, it does eventually arrive.  Sunshine and a little wind are what we need.  It does sound like the ground is getting more fit every day.   NH3 issues should be coming to an end.  I’ve seen a few corn planters rolling.  More and more will start to show up as we move into May.     
 
Corn and bean basis values continue to improve with no farmer selling and lower futures.  We can’t predict where the lows will be on the charts.  New contract lows were made today on May corn.  The managed money accounts are short corn and beans.  The corn position is a record.  The bean position has room to add more shorts if the market warrants the move.  The China trade “deal” is probably further from being settled than what’s being talked about in the news.  The ASF outbreak in China has been found throughout the country.  That will definitely put a damper on their feed usage.  The corn and bean crops in South America aren’t getting any smaller.  Our corn is more expensive than SA and Ukraine’s.  Our bean export figure will probably be lower than the April 9th guess from the gov’t .  
 
The next Gov’t report will be released Friday May 10th at 11:00 am.
 
Please be safe this spring.  Look out for the other guy and get the sleep your body needs.  You always get the crop planted.  Some years a little earlier than others.
 
Bob   
 
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