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 Grain Comments   05-24-2022

Good Morning:

The grain markets are mixed with corn under mild pressure following an active week of plantings. Wheat continues to find support on weather concerns throughout parts of Europe, China, Brazil, and delayed plantings here in the US. Equities are weaker following a much-needed bounce on Monday, crude is near unchanged, and the dollar index is slightly weaker.

An active weather pattern over the next several days will bring field activity to a standstill across most of the Midwest, and southward. The heavier rainfall totals will occur across the eastern sections of the central and southern Plains, thru the Delta and southern Midwest.

National corn planting progress reached 72% as of Sunday night, up from 49% last week but behind 89% last year and the 79% five-year average pace; emergence rose from 14% to 39%, behind 61% LY and the 51% 5YA. Soybean planting moved from 30% to 50% this week, still behind 73% LY and the 55% 5YA, with emergence of that crop up from 9% to 21%, compared to 38% LY and the 26% 5YA. Spring wheat planting and emergence remained behind respective paces at 49% and 29%, respectively. Winter wheat heading
rose from 48% to 63%, still behind 65% both last year and on average, with ratings up a point this week to 28% g/ex, below 48% LY and the 50% 5YA.

The White House is considering waiving U.S. gasoline environmental rules aimed at reducing summertime smog, hoping the waiver will combat rising pump price.

Have a great day!

Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen - Deric Den Hartog

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