Morning Comments May 16, 2018

Opening Calls:

Corn up 2

Beans down 8

Wheat up 2 to 4

 

Grain markets are mixed with some strength in corn and wheat following yesterday’s rally which is fueled by rains and planting delays. U.S. Southern Plains are trending drier. The NOPA crush report came in as expected at 161 million bushels which is up nearly 16% from last year. Soybeans are trading lower this morning but did get some strength yesterday from the corn market. However, soybeans are still struggling this morning due to ongoing (and unfruitful) talks between China and the U.S.

 

Republican Senator Chuck Grassley on Tuesday said Environmental Protection Agency chief Scott Pruitt must scale back the use of biofuels waivers for small refineries, or else he will join other lawmakers calling for Pruitt’s resignation. Grassley has been upset by the EPA’s decision to provide an unusually large number of waivers to refineries in recent months, exempting them from a law that requires biofuels like ethanol be mixed into the nation’s fuel.

 

This week should provide much needed warmer and drier weather to get more of the corn crop planted. Please stay safe and use caution as the spring planting season continues these next few weeks.

 

Have a great day!