Morning Comments May 29, 2019

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Opening Calls:

Corn: Up 12 cents

Soybeans: Up 26 cents

 

Good morning!  Corn prices have now pushed to fresh 3-year highs!

 

Grains trading higher again this morning after a stronger day yesterday due to delayed planting and weather.  The crop progress report yesterday showed the national corn harvest was reported at just 58% complete as of Sunday night, up from 49% last week and below 90% both last year and on average.  The key “I” states are severely behind which causes much concern for trade.  Soybean planting rose ten points to 29% done, down from 74% last year and the 66% 5-year average.

 

Weather remains a huge factor in the markets as the forecast seems to keep getting worse, especially for the Eastern corn belt.