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The CME and Total Farm Marketing offices will be closed
Monday, May 29, 2023, in observance of Memorial Day
- Corn is trading higher today and is on track for a positive close on the week in both the July and Dec contracts.
- Prices have rallied 50 cents from their lows seven days ago as concerning dry weather forecasts are projected over the Corn Belt for the next 10 days.
- There is concern over the Chinese economy, with growth expectations being revised lower there according to Bloomberg, and demand for corn may lessen as they opt to feed wheat instead.
- Helping the markets are talks about a resolution to the debt ceiling that may be reached by Monday.
- Soybeans, soybean oil, and meal are all trading higher today due to the dry forecast. Lower soybean meal has been a big bearish influence.
- Palm oil is up for the third consecutive day as the potential El Nino pattern could lead to drought conditions in Malaysia and Indonesia this year.
- Argentina’s soy crop is reportedly 78% harvested and local exchanges are estimating production at just 21 mmt, 6 mmt lower than the most recent USDA estimate.
- Argentina typically exports 14% of their soy crop, but crush is expected to be down 5.4 mmt in the coming year due to the extreme drought conditions.
- All three wheat products are trading higher today with the poor HRW wheat crop, as well as weather concerns in Russia.
- Russia’s spring wheat areas are forecast to be hot and dry, and ship traffic in the Black Sea is restricted with Russia intentionally slowing things down.
- There has been confirmation that US mills have imported wheat supplies from both Poland and Germany into the southwest and Texas Gulf.
- Paris milling wheat is higher, and French wheat is rated 93% good to excellent despite reports of heat and dryness there. Russia continues to dominate the export market with their cheap offers.