COMMENTARY 5/19/2017

Widespread rain for the next 24 to 48 hours….but I have to say, that our local accum so far has been disappointing, but that’s ok.  Temps turn cooler as we get through the weekend and through next week, especially in the E.  Still expecting a moderate 1.25” – 2.50” accum.

CORN

UP 6

Recovery from yesterday’s emotion.  Sales yest  at 28 mill bu were in line w/ expectations but still less than 50% of this time last year.  Makes you wonder.  Keep an eye out for China’s weather, it’s getting hot and there price has been moving significantly higher this week.  Producer selling is still light.  Maybe folks are waiting to see if their replants will take?

 

 

BEANS

UP 8

A little reprieve from yesterday’s Brazilian turmoil, but still 20 cents more work to do.  Very little info on the allegations of corruption today.  Producers there were sellers yesterday of both beans and corn but the Real regained 2% of its loss today.  This helped keep additional selling to a minimum. (and that’s good for us!) Argentina harvest is 75% complete.  It will be interesting to see what our Planting Progress is on Mon. Rains into the weekend should keep it from progressing too much between now and Mon.

 

WHEAT

UP 9

The slow pace of Russian spring wheat planting and more unneeded rain in the W Belt gave support. As well as protein concerns, early S yield are disappointing in pockets. These current rains could also have a negative impact on Mon’s crop ratings. Some say conditions could drop another 1-2%. Dryness with heat in China is getting some talk too.  It’s a critical time for moisture as their crop is just heading out.