May 23 2014
Grain Marketing Specialist
Corn: 1-2 higher
Yesterday, corn followed beans upward just to settle back down with a modest close. July closed up 2 ½. Excellent planting weather kept corn on the defensive, rains in Nebraska and Kansas, while Minnesota, North Dakota, and Wisconsin all got warmer and dryer conditions to get corn planted, but odds are we will lose some corn acres..question is whether it goes to PP ins or soybeans. Rumor is China sold 988tmt of reserves yesterday and expected to auction 3.5mmt more old crop corn reserves next week.
Soybeans: 5-8 higher.
July soybeans put in a new contract high yesterday of $15.36 ¾, but settled the day at only $15.18 ¾. Talk of South American soybeans being imported into the U.S. continues. Old crop soybean exports out of the U.S. were once again net positive yesterday at 6.04 million bushels. US acres could easily end up above the USDA guess of 81.5 million as we still see lags in the northern corn growing areas. What will the put in???
Wheat: 1 to 4 better
Weather will be the thing to watch all over for the next week or so. HRW growing areas will be getting some moisture through next week. But is it too late? After weeks of sell off seems wheat may be due for a jump in the market but world stocks are still pretty strong. Spring wheat seeding goes strong again in ND and MN ahead of potential weekend rain chance.