Coffee Cup Comments (Market Commentary)

Morning Grain Comments

05-21-2024

 

The grains are trading lower this morning. The USDA weekly planting progress showed corn planting at 70%, up from 49% last week and two points higher than the average estimate. This is close to average pace but the lowest pace since 2019. IL was reported at 67% planted. Fifty-two percent of the soybeans were planted as of Sunday, up from 35% a year earlier and 3% higher than average estimates. U.S. winter wheat conditions dropped 1% to 49% this week. Drought conditions persist in some U.S plains growing areas. The 6–10-day forecasts continue to show rain chances as well as warm temperatures. Funds have continued to reduce their short positions in grains and are getting close to an even position now. Export Inspections were good on corn and on the lower end for soybeans this week. Look for a lower market to start, with weather forecasts being watched closely. Have a fantastic day!

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