Grain Exchange – 5-4-2021
May is starting out strong and the crop is rapidly getting planted. Corn market is higher focusing on dry weather in South America. Last week corn export inspections came in at 84 million bushels, the third largest on record. China was the major destination followed by Japan. US planting progress advanced rapidly with 47% planted. The big market moves shows how tight supplies are. We are sitting in a demand driven market. Exports, ethanol and livestock feed demand remains strong.
Soybeans are also trading higher. US soybean planting progress is at 24% ahead of the 5-year average of 11%. Global edible oil supplies are shrinking which is adding support to the soybean complex. Funds continue to be players in the market. We are in a demand driven market and will shift to supply driven volatility with weather this summer.
Wheat is higher today on declining condition ratings for the winter wheat crop and drought concerns in the Northern Plains, where spring planting is progressing. Cool weather and frost damage is sending quality ratings lower.
The market is going to remain volatile this summer. Nobody knows where this market is going but we can help you position yourself for profitability. Your Grain Marketing Specialist wants to help you be successful in marketing your grain. Get your offers in to capture the market moves.
Keep the faith and stay safe!