May 26, 2015
Grain Marketing Specialist
Corn: Down 1
Export inspections released at 10 AM, Corn, 43.2 needed. Milo—4.7 needed; 5.5 last week. USDA crop progress estimates have U.S. corn planting pegged at 90-95% vs. 86% last year. First corn conditions tonight expected to be 75-80% good/excellent.
Soybeans: Down 1
USDA crop progress soybean planting pace is average at best, the estimate for tonight is at 60-65% vs. 55% last year. Soybeans, 5.9 needed; 12.5 last week. Funds are a record short 92,000 beans, 9,000 meal, and long 23,000 oil. The Brazilian President and Chinese Premiere signed an agreement last week that China would invest $53 billion in a number of projects in Brazil; including agriculture, transportation, energy and railroads.
Wheat: MW Down 2, KC Down 4
The Dollar is sharply higher this morning not helping grains much despite having 3 to 6 inch rains over the weekend in Kansas, Oklahoma and Texas areas pummeling wheat. Export Inspections released at 10 AM; Wheat, 30.2 needed; 11.4 last week.