Morning Market Insight

May 28, 2018
Drew Johnson
Grain Marketing Specialist     
No Markets today in Observance of Memorial Day.
Corn ended last week on a higher note as ongoing hot weather in Brazil, and the potential for warm weather here in the US, continue to support corn prices. Both July and December futures continue to reach new 3-month highs, with December touching the contract high, last Thursday, of $4.29 ‘4! The last time we were at these levels was on July 11, 2017.
Soybeans managed to find new life, last week, as China and the US decide to waive proposed tariffs while negotiations continue. July soybeans settled last week at $10.41’4. This is $.48’6 from the high established in February of this year, while the November contract came within one quarter of a cent of the $10.60 high established at the beginning of April. These numbers support the recent buying interest. China is supported, for now, by Brazil’s record harvest, so new crop sales, for the US, outnumber the old crop sales.

 Dry conditions in the Southwestern Plains, Central Canada and Australia continue to support wheat. Trends stay higher for now. 

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