Weekly Market Wrap-Up

The trade kicked off the week with Crude Oil being down $4/barrel which pulled corn prices down with it. May Corn on Monday was down 10.25 cents on low export numbers. Soybeans held their own against the corn sell-off ending Monday down 3.25 cents. Improved weather forecasts with more rain across the US and Europe dragged Wheat prices down 5.75 cents to start the week.

Export inspections reflected Corn falling short of normal volumes again this week. Corn exports came in at 1.08 mmt for the week vs 1.37 mmt last year. Soybean exports were pegged slightly higher year over year showing 0.556 mmt this week vs 0.508 mmt last year. US wheat export inspections were below normal with 0.501 mmt this week vs 0.645 mmt last year for the same week.

Monday’s crop progress report had corn planting at 27% planted which is 7% ahead of the 5 year average. Soybeans were 8% planted which is 4% ahead of the 5 year average. Winter Wheat is 21% headed with only 8% of the crop reflecting a poor to very poor rating.

Tuesday corn was mixed as the spreads widened. May corn was down 2.75 while December corn was up 0.50 cents. Bean spreads widened as well with May beans being down 3 cents and November beans falling 1.25 cents.

Wednesday's trade showed corn up 1.75 cents and beans up 5.75 despite 6-10 day forecasts drying up and providing a better planting outlook.

Thursday gave grain prices a much-needed boost with good export numbers on corn well above expectations. Rumors of China buying 5+ cargoes of beans helped pull corn and beans higher.

Friday was mixed on both corn and beans with the spreads once again widening out. July corn ended the day down 1.5 cents and July beans were down 5.75 cents.

July corn futures opened the week at $3.22, and closed the week at 3.185, down 3.5 cents.

July Soybeans opened the week at 8.385 and closed the week at 8.495, gaining 11 cents on the week.

July wheat opened the week at 5.325 and closed the week at 5.165, down 16 cents.