May 5, 2017
Grain Marketing Specialist
Monthly WASDE Report out next Wednesday, May 10th. Do you have your targets in place?
Corn: 2 higher
Corn started out well, this week, but never made it out of its comfort zone. Drier weather forecasts, for next week, are promoting good planting and thus put pressure on the corn complex. Pressure also coming from Brazil and Argentina as the corn crop is good there. Corn still holds support at $3.60 July futures and $3.80 for December futures.
Soybeans: 2 higher
Soybeans managing to hold onto gains for the week, and have started a small uptrend. Overall tone, however, is still bearish.
Wheat: MPLS 3 higher. KC 3 higher.
Drier weather forecasts brought pressure to the wheat markets yesterday. With the dry weather, comes hope for wheat recovery. The US Winter Wheat Tour seems to be finding better wheat conditions than was expected. There will still need to be some time before news of total damage will affect these markets.