MarketEdge PM Comments

(Allison Ryan)

Grains closed higher today, with July corn closing up 7½ and new crop up 6¼. Old crop beans closed up 18¾ and November beans were up 11½. Wheat was also higher.
 

• Technical buying pushed commodities higher today
• Wheat led as tensions between Russia and Ukraine escalated and the possibility of the Black Sea grain deal may expire later on in May
• Rainfall is called across much of the corn belt this weekend through beginning of next week, with the extended forecast predicted to be wetter and warmer than normal
• China earlier this week purchased corn from South America, making a statement of diversifying their origination of grain
• Between net cancellations of exports, corn getting in the ground in a timely fashion, and Brazil’s safrinha crop coming down the line, there’s not a lot of positive news in the corn market
• Brazil expects to have 443.9 m bu of beans exported in May, which would be better than last year’s May exports
• The Dow was up, as well as crude, and the Dollar was softer

 
Be prepared to make sales and offers through the spring planting and growing season – talk to your originator about utilizing options to lock in a floor and leave some upside open.
 
Have a great weekend.