May 30th 2014
Grain Marketing Specialist
Corn: As of 7:45- 4 lower
Slow planting progress and active fund buying fueled the corn market higher yesterday. Funds were estimated buyers of 5000 contracts. There does appear to an opportunity to plant late into the week and into next week for some areas. The question will remain. What will be the progress number on Monday? It likely won’t be long until some start talking switching but keep in mind we can plant a lot in hurry and we are far from missing being dangerously behind.
Soybeans: As of 7:45- oc 6 lower, nc 2 lower
Soybeans showing strength yesterday on continues fears of tight stocks. Nov 14 did have its highest close since last summer…. Outside of that there is still talk of SA boats heading to US. Funds were estimated buyers of 6000 contracts yesterday. Rumbling of recent moisture and planting progress adding to soybean acres.
Wheat: As of 7:45- 2 lower
Yesterday wheat remained firm on continued worries about the US HRW crop and uncertainty from Ukraine. Spring wheat planting looks to remain slow on cold wet conditions. Early reports look optimistic from the wheat tour but we have yet to hear reports from the most troubled areas. Globally Europe and China looked to receive beneficial rains and Australia begins planting.