Morning Market Insight

May 23, 2018
Jeremy VanderVorst
Grain Marketing Specialist

Corn Unchanged

Quiet trade during overnight. Recent fund buying over the past few days has caused corn to surge higher. There is increased talk of prevent plant acres as we near corn planting deadlines over the next few weeks, however many believe acres will be higher than the March 29 intended acres. Talk of another rain system moving over already wet southern Minnesota and northern Iowa along with dryness developing in the eastern belt has garnered some attention.
 
Soybeans 1-2 higher
Reports of China’s grain stockpile enquiring about the prices of US soybeans this week is a sign that trade tensions might ease going forward. Truck strikes in Brazil against high diesel prices have been hampering movement of feed for local processors. Above normal temps over the next two weeks should allow producers to finish soybean planting.


 
Wheat 1-3 higher
Weather seems to be the main talking point over the last few weeks as we are entering the grain filling stage in much of the winter wheat. Recent rain forecasts have backed off coverage in the Southern Plains, with temps running above normal rain will be critical. Talk of dryness continues to be the main driver behind the wheat market.
 

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