Morning Comments May 28, 2019

Black dirt

Opening Calls:

Corn: Up 9 cents

Soybeans: Up 12 cents

 

Grains are trading higher after a 3-day weekend with corn up 9 and beans 12 cents higher.  The long weekend break brought big rains throughout the corn belt, validating forecasts once again, and those forecasts remain wet over the next two weeks.  The trade will be anxiously awaiting this afternoon’s Crop Progress Report at 3 p.m. for planting pace updates.  The new crop corn contract has rallied +60 cents the past two weeks.  The bean market has put on +50 cents from the lows posted two weeks ago.  Preventative plant acre talk is getting heavier as we enter the last week of May- expect to see more buzz about this.

 

Keep putting price targets in while the markets are volatile!