MarketEdge PM Comments

(Taylor Bensenberg)

Good afternoon, May corn closed up 14 at 6.6625 and December corn closed up 6 ¼ at 5.60. May soybeans closed down ½ cent at 15.0050 and November beans closed down 11 at 13.0150.
 

• Spreads continue to remain strong
  • May/July corn spread reached new highs today
• Private exporters announced a sale of 15 million bushels of corn to China
• Brazil is on track to surpass the U.S and become the world’s largest corn exporter
• Russia continues to say that the Black Sea deal could be “nearly over”
• Grain markets are worried about the growing food security concerns in China (could lead to reduced soybean meal rations in hogs)
• Monday’s crop progress report should be interesting as most of the Midwest saw ideal planting conditions this week

 
Have a great weekend!