Grain Comments 05/27/22 7:58:16 AM|
May 27, 2022
Morning Comments :
Good morning. Corn and soybeans traded both sides of yesterday’s closes during the overnight trade and are mixed this morning. Wheat traded higher most of the night, trading double digits higher, but the rally failed and wheat is now trading near unchanged. Crude oil is 65 cents lower this morning, near $113.50. The Dollar Index is weaker. Wheat initially rallied on news the Russia’s Putin said that Russia would not allow Ukrainian exports without NATO members dropping economic sanctions against Russia. The U.S. and Europe immediately rejected the offer. Ukraine’s Agriculture Ministry estimates that 1/3rd of Ukraine’s spring crop area will not be planted this year due to the war. It said that about 90% of this year’s expected planted acreage has been seeded. Otherwise, news is quiet ahead of the holiday weekend. The northwest Midwest has made good progress planting corn and soybeans this week, but is needs several more dry days to approach completion. The region will see periodic rains the next week. The remainder of the Midwest will be warm and dry starting tomorrow and continuing into the middle of next week. Extended forecasts are trending back to cooler than normal for the Midwest. With the holiday weekend directly ahead, we probably won’t see a big move up or down today. Have a good Friday and holiday weekend.