Wheat continues its run higher this morning while corn and soybeans trade 1 higher and 2 lower respectively. Weather issues in Russia and the plains of the US are supporting wheat. Meanwhile favorable US weather is pressuring US corn and soybeans.
Concerns over the size of South America’s crop seem to be depressed for now as trade believes that the US can outgrow any world supply problems.
Next Tuesday’s S&D report should show a lower Brazilian crop along with higher export numbers for corn which should offer some support to the markets. Soybean export projections are expected to drop which should continue to pressure the markets.
Weekly export sales came in slightly below the ten week average for corn at 33 million bushels. Soybeans continue to lag the ten week average at 6.1 million bushels for the week ending 5/31/18. The reduction in soybean sales to China has brought the export pace back to the USDA’s projected level. We are currently about 110 million bushels behind last year’s pace.
Do you have firm offers in with your buyers for old and new crop? Don’t wait until you are done with your planting, spraying, side dressing to get this done. “I didn’t have time to call” is not a good excuse. Marketing your grain is the most important part of running a successful operation. Take a minute today to call and talk to your buyer.
Have a Safe Day!