Weekly Ag Markets Update – Monday, May 24

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Wheat markets were mostly lower on ideas of better weather for growing areas, but Minneapolis closed a little higher. All three markets were lower for he week. Rains were seen in parts of Western Texas and in Oklahoma. Kansas got some beneficial rain. Scattered showers are in the forecast for this week in western Texas and rains are possible into Kansas. Rains were reported in the Dakotas and the Canadian Prairies and more is in the forecast. These rains should be very beneficial for planting and initial growth, and more is in the forecast. Wheat remains a weather market, but the demand side has been weak.  Demand remains disappointing but the production might not be there for better demand in the coming year. Corn prices are high so demand for feed wheat could increase.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Chicago Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

Corn closed lower on Friday but held to a trading range for the week. It was a war in this pit with buyers and sellers pushing prices above and below unchanged. Improved weather forecasts and higher acreage estimates have been the bearish factors in the market. Western sections of the Midwest got crops planted with speed, but eastern areas are slower. Emergence has been about average in all areas. Emergence has been slow due to cold temperatures but the Midwest has warmed up last week and is expected to stay generally warm this week. There will be precipitation that will benefit crops.  Overall planting and initial growth conditions should be fairly good over the next week. There are problems with the production potential for the Safrinha crop in Brazil as growing areas have been warm and dry and look to stay that way longer term. Reports indicate that crops are being stressed due to the lack of rain. It is drier in central and parts of northern Brazil, but southern Safrinha areas are forecast to get some timely and somewhat beneficial precipitation. The Winter Corn crop progress is well behind normal and it has been dry in major growing areas.

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