Morning Comments May 23, 2017
Tuesday, May 23, 2017, 8:05 AM
Submitted by: Landus Cooperative
Corn -1 to -2
Beans -2 to -3
Funds were buyers of corn and soybeans yesterday, but with the Crop Progress and Conditions report coming out within trade expectations we're seeing grains weaker this morning. Farmers were pretty active sellers yesterday with the little rally. Planting progress report showed 84% of corn crop is in the ground, right in line with the 5 year average. Corn exports are 52% higher this year than they were a year ago.
The market continues to keep a close eye on the political situation in Brazil and the very real possibility of another presidential impeachment. Planting progress report showed 53% of the soybean crop is in the ground, also right in line with the 5 year average.
The weather forecast continues to show a pattern of rain through the end of the week and into the first part of June, even with a massive crop still out there to come to the market, this should give us some hope to at least stay around recent levels if not see slight increases every so often.
Our thoughts and prayers go out to everybody affected by the bombing in Manchester last night.
Thank you for your business and have a great day!