5/26/2022
Abbey Miedema - Grain Marketing Specialist
May 26th Agtegra Morning Market Insight

CORN: As of 7:45 - down 11
The US dollar climbing yesterday put pressure on corn markets and pulled corn lower, along with the news that China would begin importing corn from Brazil to cover needs lost by the Ukrainian situation.Speaking of Ukriane--farmers there have so far planted 78% of the total area they planted in 2021. The question that remains in the trade is when and how much of that will hit the world export market. 

SOYBEANS: As of 7:45 - unchanged 
Limited news yesterday in the soy market other than basis values across the country remaining mostly firm. Meal demand lagging, stemming from high prices and lower meat consumption from the ongoing effects of Covid-19 lockdowns. Brazil values were higher due to limited farmer selling. China is set to sell a small amount of beans from its reserves on Friday. 

WHEAT: As of 7:45 - KC down 12; Mpls down 1 
Wheat markets have been on the downhill slide now for a little over a week but HRS looks like its trying to at least slow down this morning. Yesterday's initial reactions down due to possibilities that Russia would allow some exports to resume at Ukraine ports. It was eventually overlooked from overall lack of faith in Russian promises. Early harvest in Texas/Oklahoma showing around 20 bpa and good protein in fields that were not abandoned.