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May 20th- Morning Market Commentary

05/20/2022
May 20th- Morning Market Commentary

Grains are mostly lower overnight:

July Corn -7 ¾ cents/bu (7.75 1/2)

July Soybeans +1 1/2 cents/bu (16.92)

July Chi Wheat -14 1/4 cents/bu (11.86 1/4)

CDN $ +0.00005 (78.135 cents)

WTI Crude Oil +0.13/barrel (112.34)

Grain markets are expected to be fairly quiet today as we head into the Canadian long weekend (American long weekend is next week). That means that markets will be open on Monday!

The Kansas Wheat Tour wrapped up its third day of sampling yesterday and used their information to peg the overall Kansas crop at 261 million bushels. This is only 10 million bushels lower than the USDA’s estimate of 271 million bushels in their report just two weeks back. Scouts got their number with their average estimated yield of 39.7bu/acre which is significantly lower than 58.1bu/acre last year.

France announced another cut to their wheat crop ratings, dropping it 9 points to 73% good/excellent as a result of the country’s drought. International Grains Council (IGC) also engaged in some cuts yesterday, dropping its global corn production by 13 million mt to 1.184 billion mt as a result of a lower expected US crop.

Ukraine’s planting has gone better than once expected. They still may face problems with crop input attraction, and grain exports, but this is an optimistic first step for the country.

Megan McGrail, Grain Merchandiser

Wanstead Farmers Co-operative

519-845-3301

meganm@wansteadfarmerscoop.com

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