Morning Market Insight

May 22, 2018
Jeremy VanderVorst
Grain Marketing Specialist

Corn 2-3 Higher

With planting progress at 81% complete versus average of 81% the trade will shift its focus on weather in the US and Brazil. A above normal temp forecast and a below average precip for the 8-14 day forecast has some traders watching dryness in the eastern corn belt. Support is also stemming from higher crude oil prices and weaker US dollar this morning.

 

Soybeans 5-6 Higher
Soybean planting progress is 56% complete versus 50% average. Traders still focusing on trade talks with the Chinese as it seems some headwinds have been made over last few weeks. Professional Scout Dr. Cordonnier dropped his Argentina Soybean production to 36 mmt due to ongoing weather issues. Crush margins still staying strong in the US.
 
Wheat up 6-10
Winter Wheat conditions unchanged last week and we see US spring wheat plantings at 79% versus 80%. Few chances of rain in the Southern Plains next week, however recent systems have been very light in recent weeks. Wheat exports continue to struggle due to stiff competition from Foreign sellers. Dryness will become more of an issue later this week as temps become much above normal in the 6-10 day forecast.

Past Morning Market Insights

Subscribe to Receive Morning Market Insight Email