May 13, 2022

Despite a friendly USDA report and more rains in the western corn belt yesterday, corn finished today 4-10 cents lower.  Evidence is starting to appear that our consistent high prices have cut into demand and planters are still rolling sparsely across the U.S.  Avian flu has been making its way through different areas of the U.S., condemning flocks of broilers, turkeys, and egg-layers.  The U.S. egg-laying flock has decreased in size by about 20 million head since the beginning of the year.  We have also seen herd size reduction in other classes of livestock with the same number of operators running fewer head.  Money is still in firm control of the soy board with the whole of the soy complex posting big gains on the day.  Soybeans saw 12-32 cent gains, July soy oil up over 1.00, and meal up double-digits.  The USDA announced the sale of 132,000 tonnes of soybeans for delivery to China during the 2021/22 marketing year.  Wheat futures were less exciting today.  After closing limit higher yesterday, spring wheat price limits were 90 cents today but were never even close to being tested.  Money thinks wheat supply is in danger but always forgets how you can grow wheat almost anywhere.  Demand is routine and stagnant, wheat stocks still burdensome.

A squeeze in May soybeans on expiration day.

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