Corn down 3
Soybeans down 8-10
The corn market fell again Friday after the USDA released their monthly WASDE report showing that the U.S. new crop stocks were forecasted to be the 2nd largest new crop carryover in May for the last 29 years, only exceeded by the May 2005 carryout of just over 2.5 billion bushels. The corn market is trading lower this morning as the world markets begin to factor in the impact of there being no trade deal with China. For the corn market, however, it will be interesting to watch what happens this week with planting progress.
The soybean market closed lower Friday with no help coming from the WASDE report. The USDA’s projection that the new crop soybean carryout could be just shy of 1 billion bushels put negative pressure on the whole soy complex Friday. The soybean market was really dependent on a trade deal between the U.S. and China and with that off the table and a solid soybean crop in South America, there is not a lot to get excited about in the bean market on the upside. This morning soybeans are trading lower, as the trade continues to factor in the large carryout and the lack of a trade deal. The only reasonable conclusion for traders at this point is to continue to sell soybeans.
The dollar index dropped to a 3-week low Friday and closed lower. The June dollar index is trading 7 points lower this morning at around 97.05.
Friday, June crude oil and gasoline futures closed mixed. This morning the June crude oil contract is trading around $0.90 higher. The June contract is trading just above the $62.50 level.