Morning Market Insight

May 30, 2018
Drew Johnson
Grain Marketing Specialist                                                         

Corn: 2 lower
Corn continues its lower trend this morning. US weather forecasts seem to be improving. USDA said that 67.1 million bushels of corn was inspected for export. This bring the total down 12% from a year ago with 3 months left in the marketing year. It was reported that 9.1 million bushels of corn was sold to unknown destinations. 8 million bushels, of that reported sale, were for the 2018-2019 marketing year. Crop Planting Progress was reported at 92% complete, 2 percent ahead of the 5-year average. Crop condition was at 79% good to excellent versus the 5-year average of 70%. July corn trading below $4.00 futures again and finding support at the 50-day moving average of $3.96. December corn finding some support at $4.15 and then the 50-day moving average of $4.12.

Soybeans: 5 - 6 lower
Soybeans also continue it lower trek this morning. This was caused by news that the White House was moving forward with the $50 billion tariff proposal against China. This was somewhat of a surprise, considering last week, both China and the US agreed to suspend tariffs. The trucker strike, in Brazil, did not seem to panic export bids down there. Yesterday, the UDSA reported 21.2 million bushels of soybeans were inspected for export. This puts year to date inspections down 9% from a year ago. Crop Planting Progress was reported at 77% complete versus the 5-year average of 62%.
Wheat: MPLS: 4 lower. KC: 9 lower
Wheat held on as long as it could, yesterday, before nervousness set in at these new 10-month highs thus resulting in a down market. The southwestern Plains of the US continue to remain hot and dry. Russia too is experiencing some heat as well. Winter wheat crop progress came in at. Crop conditions, for Winter Wheat, came in at 38% good to excellent. This is 2% better than last week, but 6% lower than the 5-year average. Spring wheat planting is at 91% complete versus the 89% 5-year average.

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