Grain Notes 5/20/22 PM Comments

(Caleb Kaufmann)

Soybeans led the way today trading higher volumes than corn on the July contracts while adding over a dollar in the last 10 sessions. Nearby cash beans are at or approaching $17, what is your next price target? Corn hovered around key support all day today ultimately settling down 4-5 cents marking the fourth session in a row lower for December. The Wheat market has been a roller coaster seeing a dollar trading range this week, average daily ranges of nearly 60 cents.

• USDA’s Monthly Cattle on Feed report came in higher than expected at 102% from last year vs. 101.3% trade guess and April placements at 99.1% vs. 95.4% guess.
• Further concerns over Colorado’s already poor wheat crop loom this weekend with freezing temperatures and 4-8 inches of snow
• Look for big gains, possibly near record, in corn planting progress in Monday’s report

Have a great weekend!