Virtual Webinar June 1st at 7:30am
Thank you beef producers!
Good Morning: Corn and soybean futures are mixed this morning with the deferred months under pressure on improved weather while the July futures continues to find support from the tight cash markets. Wheat futures are also pressured on the improved rain prospects for the Northern Plains. Nearby soybean futures have been able to hold support near last week’s low while July corn has dropped well below the 20-day moving average but is rebounding off the overnight lows. The US weather outlook shows an active pattern developing across the Southern Plains and southern portions of the Midwest over the next 5 days. Much-needed rainfall is also expected across the Northern Plains and Upper Midwest where rainfall totals are expected to range from .5 to 1.5” with lesser amounts expected across NE and IA. The 6 to 10-day outlook is warmer and wetter than normal across the heart of the Corn Belt. The average trade estimate for today’s NOPA soybean crush report has member crushing 170.46 million bushels in April, down 0.8% from a year ago and a decline of 4.2% from March. Oil stocks are estimated at 1.785 billion pounds versus 2.111 billion in April of last year. Friday’s COT report showed the funds are net long 13,033 contracts of Chicago wheat, up 2,310 contracts, long 316,336 contracts of corn, down 56,212, long 177,822 contracts of soybeans, up 3,023, long 69,616 contracts of meal, up 15,466, and long 85,850 contracts of soyoil, down 1,655 contracts. We estimate this afternoons Crop Progress Report to show corn seeding near 80% complete and soybean plantings near 70% complete. Republicans are expected to deliver a counterproposal to Bidens’s infrastructure bill to the Whitehouse by Tuesday. Mexico City and neighboring Mexico State will begin a water rationing program due to drought. Have a great day! Wayne Kollis - Mike Rosenberg - Matt Zeman - Austin Behrendsen - Deric Den Hartog
Tue 5/18
Wed 5/19
Thu 5/20
Fri 5/21
Sat 5/22
High
73 F
76 F
77 F
81 F
85 F
Low
56 F
61 F
64 F
Precip
59%
80%
24%
30%
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Join us virtually June 1st 7:30am...
Consider us your feed and livestock experts. Our feed blends and high-quality ingredients are FDA and HACCP certified. We can source nearly any type of ingredient for custom feed needs and prepare best-cost finished feed formulations based on nutritional specifications. Every ingredient is tested before sale, and we retain the data so our customers can view it upon request.
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