Corn closed higher and beans finished lower. Beans slipped more than 20 cents off of their high today after it was announce that Trump is considering $2.00/bu soybean and $.04/bu corn direct subsidies for the 2019 crop. An official announcement could come as early as Thursday. The idea is that with the $2.00 incentive late planting will switch significant corn and maybe some spring wheat acres to beans. Do we plant 90 million acres of beans? Once the official announcement comes out I would consider locking in new crop soybeans because I would anticipate a bean market in decline.
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Quote of the Day
"Human beings never think for themselves... For the most part, members of our species simply repeat what they are told--and become upset if they are exposed to any different view. The characteristic human trait is not awareness but conformity... We are stubborn, self-destructive conformists. Any other view of our species is just a self-congratulatory delusion."