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Grain Comments: 05-31-2023
Good morning:
The grains are facing massive headwinds at this point with fundamental aid thin as well, and the trade convinced of an overall weather turnaround by mid-month; that will be little consolation to nervous Midwest farmers during a hot and dry next ten days, as crop conditions deteriorate.
Rains have reached from the WCB into the central belt over the past 24 hours but amounts and coverage have been light in the heart of the Midwest; chances will continue to push into the central belt through Friday but mostly hang in the WCB and Plains through the weekend, with strong accumulation continuing in the southern Plains and SW belt. Forecasts remain warm and dry through the 6-10 days, a bit more varied for the 11-15 day as the overall pattern attempts to turn over into the middle of the month of June.
The US corn and soybean planting season is in its final stages for the year. The US corn crop is now 92% planted and 72% emerged. All interest on planting was on North Dakota where seeding is 72% complete. This is just under the five-year average of 73% and does not lead to a major loss of acreage. The US corn crop had its initial rating released with the crop at 69% Good/Excellent which was in line with trade expectations and a very high starting point. Only 5% of the US corn crop is rated as Poor/Very poor and supports ideas of high production. The US soybean crop is 83% planted and 56% emerged, both ahead of average as well. The planting of the spring wheat crop jumped to 85% for the week, which is 1% under average. Spring wheat emergence is at 57%, which is down 2 points from normal. The winter wheat crop rating edged up to 34% Good/Excellent after recent rains moved through some of the driest parts of the Plains. This also benefited US pasture conditions that are now rated 43% G/E. This improving pasture condition, if it continues, will start to have a part in feed demand estimates. Weather will again be a driver in today’s trade, as well as progress on the US debt ceiling prior to the June 5th deadline.
Have a great day!
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