Morning Comments May 25, 2018
Friday, May 25, 2018, 8:05 AM
Submitted by: Landus Cooperative
Grains are higher this morning as we head into the 3-day weekend. Opening trade has corn steady to up a penny on new and old crop and soybeans 7 ¼ cents old and 6 cents new crop.
July soybeans have gained a whopping 43 cents since last Friday’s close; wheat is up 18 cents and corn is 2 cents higher for the week as of this morning. The major supporters this week continue to be improved trade relations with China for beans, while dry weather concerns in the U.S., Canadian Prairies, Russia, and Australia has kept wheat strong.
The weather outlook for the Midwest has light to moderate rains for most of Iowa, Minnesota, and western Wisconsin over the next 24 to 48 hours. These rains will move eastward over the weekend, producing light showers. Early next week is quiet before another system comes through the second half of the week and temps will be running mostly above average during that time frame.
U.S. Commerce Secretary Wilbur Ross will visit China early next week to work out details of a broad commitment from China to increase its purchases of U.S. goods. The Trump administration eased fears of a trade war last week by agreeing to drop its tariff threats while the two countries continue to negotiate.
Markets will be closed Sunday overnight and Monday in observance of Memorial Day. They will resume trading at 7:00 p.m. Monday evening.
As we observe this Memorial Day weekend, we want to express our gratitude to all United States Military service members who have given their lives in service to our nation and in protection of our blessed freedoms. We also want to express our sincere gratitude to current and former members of our armed services and their families for their service. Thank you.
Have a great weekend!