Morning Comments May 23, 2019

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Opening Calls:
Corn: Steady to up 1 cent
Soybeans: Down 7 to 8 cents

Corn: Yesterday, the July corn contract ended ¼ cent higher at $3.94 ½.  The December contract was 2 ¼ cents higher closing at $4.12 ¾. This morning corn is mostly steady. Planting progress was slowed again this week by cool, wet weather condition across the Upper Midwest and that will continue to be a factor in the corn market.

Soybeans: July soybean contract ended yesterday 6 ½ cents higher settling at $8.28 ½. The November contract was 6 ¾ cents higher closing at $8.55 ¼. This morning the bean market is down 7-8 cents. The market is waiting for the details to be released on the 2nd round of farmer aid. The consensus seems to be that there will be a $2.00/bu 2019 Market Facilitation Payment for soybean producers, but the trade is uncertain about what the payment will be based on, possibly a 5 year average APH.