COMMENTARY 5/25/18

Fast and dirty for Friday!  Forecasts still dry as that high pressure manifests. Appears to be blocking  moisture which should limit accums to only 3/4″ to 1.5″ through NEXT Fri.  SOME weather models indicate the potential ridging developing across the N Central US June 1-6.  In SA, E Argentina and S Brazil are both expecting 1″ between now and June 1st.

CORN

UP 2

More dryness in Brazil suggesting bigger reductions in crop size and some drier conditions for some parts of the US.  Planting progress on Mon should be around 90-92% vs 81% last week and 90% avg.

Bloomberg Trader Bias:   Bullish 40% TW (42% LW), Bearish 30% TW (37% LW), Neutral 30% TW (21% LW)

 

BEANS              

UP 6

More bean sales and guess WHO from?!  China bought 312 K MT of –>US<– SB for and 165 K MT of optional origin beans, all for 18/19.  Planting progress is expected to be 78-80% compared to 56% last week and 62% average.

Bloomberg Trader Bias:   Bullish 45% TW (5% LW), Bearish 35% TW (53% LW), Neutral 20% TW (42% LW)

 

WHEAT

UP 13

Continuing to eye dryness in US as well as W Russia,  Canada and E Australia. There IS some rain in the forecast for Victoria and S Australia and temps still above normal.

Bloomberg Trader Bias:   Bullish, 35% TW (22% LW), Bearish 35% TW (28% LW), Neutral 30% TW (50% LW)