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AgriVisor Morning MarketWatch

 
Thursday, May 30, 2019
The grains and soybeans rebounded in the overnight session with the grains leading the way. This is not surprising as that is where most profit taking surfaced in yesterday’s session. South Korea bought a cargo of feed wheat and soy meal overnight which is also supportive. Long-range weather models indicate a more normal pattern setting up for the Corn Belt, but until then, numerous rain events are predicted. Trade is also starting to pay more attention to Australian weather where drought conditions are expanding and impacting wheat production. Early month end position squaring is starting to take place which could hinder trade for the remainder of the week. 

Highlights
• Overbought indicators
• Brazil corn competing with US in global market
• Corn/Soybean ratio in to 2:1
• Producers claim they will push with corn planting
• Global weather more of a factor
• Ethanol production expected to be down in weekly report

Corn
• Cotton to corn in So Plains
• Elevated corn values in Brazil
• Brazil to produce record corn crop

Soybeans
• Concerns over late-maturing soybean quality
• Farmers willing to push forward with corn planting
• Rally may expand So American plantings

Wheat
• Concerns over quality/disease issues from rains
• EU raises wheat crop forecast 2.5 mmt
• Heavy exports out of Ukraine

Livestock
• Lower cattle weights
• China does not have ASF under control
• China cold lose 200 million hogs
• Retailers hoping for geed demand on Father’s Day/4th of July
• High feed grains pressure margins
 

  SYMBOL IN EVEN SQUARE