May 30, 2017
Grain Marketing Specialist
Corn- Down 2
Overall markets are stagnant this morning coming off of the three day weekend with little news. In today’s crop progress report trade is expecting corn to be 65% to 70% G/E conditions compared to 72% last year. There is some concern of lost acres out of the eastern corn belt. This week the USDA will start surveying U.S. producers in preparation for the June 30th report and everyone will be wondering where we will fall in comparison to the 90 million acres USDA projected the US to plant.
Beans- down 1
There is still a lot of political uncertainty in Brazil, on Thursday the people formally called for the impeachment of their president Temer. US exports are slipping as the SA producers start letting go of beans. Technically beans continue lower taking out support level after support level. The Argentina government bumped soybean production estimates to 58 mmt.
Wheat- MPLS down 1 KC down 3
The nearby MPLS contract is pushing up against resistance levels again. Towards the high that was set the first part of May at 5.71. Reports out of Canada say due to wet conditions 1.6 million acres might not get planted. So far in May Russia has exported a record amount of wheat, at 25.3 mmt. Argentina Ag Minister Martin Moreno is expecting the 2017/2018 wheat crop to be a record 20 mmt.