Grain > Commentary > 5-27-2022

5/27/2022

May 27, 2022

5/27/2022
Corn and soybeans spent the overnight session trading back and forth on either side of unchanged until around the 6:30-7:00am timeframe when large buying interesting came in on corn. Corn futures continued to run higher throughout the morning until mid-day when intraday highs were set and volume waned into the long weekend. Overall, it was a very quiet news day, there were no export sale announcements or routine reports from the USDA. The best explanation for yesterday's move in corn and soybeans was a large hedge fund was rumored to have liquidated their corn:soybean spread positions. Soybeans did find some follow-through buying today to finish mostly higher and corn gained backed a little more than what was lost on Thursday. The markets will be closed on Monday for Memorial Day but will re-open 7 p.m. Monday night. This week has seen excellent progress in our area for planting and I expect next week's crop progress report to show another nice bump in corn and soybean plantings. Enjoy the long weekend! Reminder: Glacial Plains will be closed Monday, May 30 in observance of Memorial Day.

November soybeans back within striking distance of the contract high.
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