May 26, 2017
Grain Marketing Specialist
Due to observance of Memorial Day, there will be no markets Sunday night thru Monday. Trade will resume at 7pm Monday night.
Have safe Holiday weekend. Please remember those who gave the ultimate sacrifice for this country…
Corn spent yesterday under pressure from the loses in the bean complex as corn settled down 2. It was a quite overnight session as the market settles in for a three-day weekend. Most contracts trading into about a 2-cent window with most everything up 1. Sunday will be the day will be watched as we look at the 7-10 forecast especially for the ECB, as sunday is the best chance of rain. The amount may determine what get planted. Cattle on Feed report scheduled for today at 11 AM CDT. Average estimates; On feed May 1 101% (98%-102.5%), April placements 106.8% (101.0%-102.5%) and April marketing’s 101.8% (103%-112.5%).
Soybeans: 2-4 Lower
Beans felt the brunt of the pressure yesterday as by the time we closed beans dropped 8 and took out 2 of its support levels. $9.43 and $9.41. We are seeing continued sell off in the overnight session. as most contracts are 2-3 cents lower. Beans were pressured by the reality that SA will ship a record number of beans in the month of May. The market does see that weather has delayed soybean planting but has also delayed corn planting and some think that will increase bean acres. We will have to wait and see.
Wheat: 2-4 Lower
Wheat was mixed yesterday as Minny, kept its head about water and closed a 1 1/4 higher but KC was down 1 ½. Both markets perked up in the overnight session as we saw sp. Wheat up 2 and Kc up another 1 1/2. Some way to early summary of WW harvest is on the negative side of things. Still some weather concern in Canada as Sak is on a good planting pace but AB is behind.