Wednesday, May 28, 2014, 4:05 PM
Submitted by: Joel Pudenz
Corn and soybeans both closed higher on a mixed and quiet trading day. Corn plantings should be all but finished by early next week and the forecast for the front half of June looks good: warm with higher than average precipitation. The northern states continue receiving rain, strengthening some concerns/debates about acreage decisions with prevent plant dates approaching. Soybeans found strength late in the session, July closing 9 cents higher and November closing 4 cents higher. It sounds like the Chinese pork market is gaining a bit of steam and some new crop bean sales were announced earlier today – adding some support. The first rating of the ’14 crop will be included in the crop conditions report next week.
Have a great afternoon!