Morning Market Insight

May 31, 2018
Drew Johnson
Grain Marketing Specialist                                                         
Corn: 3 higher

We are experiencing some small gains this morning as July and December corn managed to hold support at $3.90 and $4.12 respectfully. The trend, however, is still in a minor down trend as of this morning due to Tuesday’s key reversal lower. US weather forecasts continue to show favorable growing conditions, for the near term.
Soybeans: 3 higher
Soybeans recovered some yesterday after testing support at $10.15 July futures and $10.30 November futures. Overall trend remains sideways.

Wheat: MPLS: 7 higher. KC: 2 higher
Wheat is also finding some support in the overnight. Winter wheat is 73% headed, according to the USDA, and Spring wheat planting is ahead of the 5-year average, while emergence is slightly behind the 5-year average. Forecasts remain dry for the southwestern plains, but rain chances for the north continue to be looked upon as beneficial for the Spring Wheat fields.

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