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Morning Market Insight

Morning Market Insight

May 27th
Stetson Senyak
Grain Marketing Specialist

Attention: There will be no grain markets Monday May 30th in observance of Memorial Day, trading will resume Monday night.

Have a Great weekend!!

Corn Unchanged as of 7:45
The corn market continues to creep up with July corn ending the day up 3 ½ cents at $4.0825, and the December contract closing the day at $4.0975 up 1 ¼ cents. Another week of strong export sales lit the fire under corn yesterday, with the USDA reporting last weeks total sales at 54.4 million bushels and 44.3 million bushels. Corn exports have been strong lately with help from Brazilian corn prices which are 33 cents higher than the US and show not much sign of getting any cheaper.

Beans Unchanged as of 7:45
July beans closed down 5 ¾ cents yesterday at $10.7975, after being 2 cents shy of touching $11.00 early Thursday. The November contract ended the day down 3 ¾ cents at $10.5050. Soybean export sales came back alright this week at 16.8 million bushels and 4.4 million bushels. Soybean meal tried to pull beans out of the red but just couldn’t get it done yesterday. There are some ramblings that the meal market may be losing some traction here.

Wheat Minneapolis Down 2 Kansas City Down 2 as of 7:45
The wheat market lead the pack Thursday helped by fund short covering, with the July Minneapolis Spring wheat contract posting a 12 ½ cent gain at $5.3450, and the Jul Kansas City Winter wheat contract ending the day at $4.6225 up 11 ¼ cents. The 6 to 10 and 8 to 14 day forecast remains wet for the southern plains, where harvest is right around the corner and quality concerns may begin to pop up.

  

The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.