Morning Market Insight

May 29, 2018
Drew Johnson
Grain Marketing Specialist     
Corn: steady
Hot weather in Brazil, and the potential for dry weather here in the US, continue to support corn prices. Brazil’s safrinha crop is lowered 1 MMT to 82 MMT. Today’s USDA Crop Progress Report is expected to show 72-73% good to excellent. Technically speaking, Dec corn continues to push closer to the old contract high of $4.29’4 established on July 11, 2017.
Soybeans: 3 lower
Last week’s momentum into the opening, overnight, but trade has cooled off some before the day session starts. Brazil is experiencing a trucker’s strike, thus supporting US old crop market. US planting progress is expected to come in at 78-80% vs the five-year average of 62%.
Wheat: MPLS 2 higher, KC 6 higher
Dry conditions in the Southwestern Plains, Central Canada and Australia continue to support wheat. Harvest is starting in North Texas, traders will watch yields based on the growing season. The trend remains higher for now.

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