June 5, 2017
Producer Marketing Manager
CORN: As of 7:45 – up 1 ¾
A narrow trading range overnight as the market digests weekend weather and near term forecasts. The July contract continues to find resistance up against the 100 day Moving Average at the $3.74 ½ level. Export inspections will be out this am. We need 37.6 million bushels to stay on pace to hit USDA export estimates for the year…we did 47 last week. Crop conditions report will be out this afternoon and is expected to remain below the 5 year average.
SOYBEANS: As of 7:45 – Up 1
Beans were slightly higher overnight following Friday’s bounce off of the bottom. Planting progress will be out this afternoon and should be above the 80% complete level. The 7 day forecast looks for the eastern corn belt to dry out and give them a window to plant beans. Chances for some precip in the Dakotas for Tuesday……keeping our fingers crossed!!!
WHEAT: As of 7:45 – Mpls Steady, KC down 1
Dryness in the HRS areas remains a key concern. The 6-10 day forecast has the upper plains with a chance for above normal precip……..If we do see some rain in these areas, it looks like damage has already been done and will impact that crop size. HRW harvest is rolling in OK and will be into KS by week’s end.