5/31/2023

It feels like all grains have taken a beating over the last month, but really it is just the Soybeans that took a beating.  July corn futures were actually up 9 cents on the month.  December corn futures are slightly lower down 6 cents.  The August bean futures were down $1.44 and the November futures were down $1.17.  Basis seems to be backing off a touch as of late on both corn and beans as processors switch to the August and September futures and deal with the inverse.  We have been talking about dangerous that inverse is for a long time and it has only gotten worse.  Be careful if you have old crop left at home because there is never a good ending to an inverse.  The first crop ratings were out last night and they came up with 69% good to excellent.  The average trade guess was 71%, but the market didn't react much.  It feels like we are in the middle of a weather market, but May is just too early for a significant weather trade.