Morning Comments May 30, 2018
Wednesday, May 30, 2018, 8:05 AM
Submitted by: Landus Cooperative
Corn: 3 cents lower
Beans: 6 cents lower
Grains are trading lower this morning after a lower close on corn and beans yesterday, with the weaker markets due to yesterday’s technical sell-off that scored outside reversals for corn and soybeans. Concerns over U.S./China trade relations continue to hover over the bean market. The weather forecast also remains favorable with rains and heat moving through the Midwest. Yesterday’s Crop Progress report showed greater advancements in corn and bean plantings than anticipated, especially weighing on the corn market with a record or near record high corn rating (79% good/excellent).
Outside markets: The Argentine truckers association is threatening a strike for a 27% salary increase. Italy is on the verge of a financial crisis, keeping global equity markets on-edge. Crude oil has slid $6 off its highs and the U.S. Dollar is hovering at 6-month highs.
Have a great day!