Demand, weather support grains and soybeans
Soybeans are higher with good demand despite large shipments out of Brazil with soybean harvest finished for them. The chance for more U.S. soybean acres is bearish. More will be known about that at the end of June. Soybean crush numbers came in 5.25 million bushels higher than expected, which is bullish.
Corn was stronger with a weather premium, deciding if the wet spring, and now drought in the Dakotas are going to affect yield. Mexico bought 120,000 metric tons of new-crop corn. DTN says Brazil’s record corn production is bearish for corn, but there seems to be plenty of demand to go around. There’s better corn weather expected in the next few weeks. The Midwest forecast calls for 10 days of scattered rain and moderate temperatures.
Wheat closed at contract highs for weekly gains of 8 to more than eleven cents. Forecasts have high heat in the Plains and USDA’s crop ratings are out Monday. Australia’s newly-seeded wheat crop is in the driest soil on record. A big driver in the wheat market is protein, which is running a little light.
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