May 3, 2017
Grain Marketing Specialist
Dryer weather forecasts, in the near term, had yesterday’s markets lower. It will take some time before we will see how bad the corn was affected by the recent weather in Missouri and Illinois. 34% of the crop has been planted, and rain is expected to return to the eastern corn belt this week and is suspected to add to the delays. The question will be how many acres will turn to soybeans, or how many will be planted at all? Technically the corn complex could not get above the $3.80 July futures and is back in its sideways trend.
Soybeans reacting to the same news as corn, but did not give as much back yesterday. The question is, how many acres will get switched to soybeans now? Those answers will come in due time. Argentina’s harvest is coming along well and is around 40%. Soybeans are still in a sideways trend.
Wheat: MPLS 4 lower. KC 9 lower.
Winter Wheat managed to hold itself yesterday, and now has gained 30 cents in the last two trading days. The U.S. Wheat Quality Council's Hard Winter Wheat Tour started yesterday, and early reports were better than expected. The Tour moves into the harder hit areas today, so we should be seeing some real results from this resent weather predicament and that may provide some support in other markets.