5/19/2022
Sheila Schelske-Grain Marketing Specialist
May 19th Agtegra Morning Market Insight

CORN: As of 8:20– July= Down 7; Dec= down 10 ¾
Corn was caught in yesterday’s macro sell off. Implied gas demand over the past four weeks remains 1.2% below last year, but this week was up 3.7% from last week. Ethanol grind is at 991,000 barrels per day which is unchanged from last week, but it is down 4% over 2021 and 7.5% vs 2019.

SOYBEANS: As of 8:20 – July= Up 8 ½; Nov = Down 4 ¼  
Soybeans were also down with the negative macro markets. Brazil’s soybean harvest is over 95% complete, but in the far south, Rio Grande do Sul it is only at 83% due to localized flooding and excessive moisture. There are some rumors that Indonesia may soon lift its export ban on palm oil.

WHEAT: As of 8:20– KC Sept= Down 37; MPLS Sept= Down 22 ½
Sharply lower midweek trades in the wheat as they are caught in the overall equity and commodity sell-off. Fresh headlines have been scarce, and India has been talking that they will ease some of the export restrictions that they said were getting put in place Monday. US wheat is extremely uncompetitive in the global export circles making it difficult to support sharp rallies (almost $1/bu out of the market). The Argentine farmer has continued to be an aggressive seller of NC wheat; up 13% over last year.