5/29/2024

May 29, 2024


Corn and soybeans down firmly for the second day in a row with a shift in the forecast that will likely provide an opportunity to clean up any acres that are left to plant in the eastern corn belt.  Also adding to the pressure in corn and beans was a weekly crop progress report showing some sizable leaps in planting completions which bring us ahead of the 5-year averages for this week.  Corn was reported at 83% planted, right in line with the trade estimate and up from 70% last week.  Soybean plantings came in at 68% complete, above the trade guess at 66% and up from 52% complete the previous week.  There are some various reports of re-plant happening and potential for some PP acres but nothing appears to be widespread or substantial at the moment.  We are also starting to see some year-over-year increases in Ukraine grain exports.  More grain available globally isn't helpful, especially after considering the U.S. export market is already suffering from a lack of demand and new crop sales have been slow to book.  We still expect to see one more good pop in the corn market over the next 30 days leading up to the planted acres report the end of June.

Read More News

Jun 20, 2024
The mid-week holiday gives the market a second case of the Mondays this week. After some recovery in the previous session, the grain complex just could not find a footing on Thursday. Wheat and soybeans were hit the...
Jun 17, 2024
Down hard across the grain complex to begin the week.  Corn finished 6-7 cents lower and soybeans closed 16-22 cents lower.  It's no secret that there is a variety of little things not perfect with the corn crop.  The...
Jun 14, 2024
Grains were negative in overnight trade and weakness continued to build throughout the day. Corn gave us a very brief look at some 1 cent higher trade this morning before flipping back to the red. Corn basis and spreads...