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May 22nd –Closing Market Commentary

05/22/2020
May 22nd –Closing Market Commentary

Grain markets are mostly lower to close:

Corn + ¼ cents/bu (July @ 3.18)

Soybeans – 1 ¾ cents/bu (July @ 8.33 ¼ )

Chi Wheat – 7 ¼ cents/bu (July @ 5.08 ¾ )

Cdn $ -0.00345 (71.36 cents)

WTI Crude Oil -0.67 /barrel (33.25)

Overall a quiet day as our friends to the south of the border head into their long weekend. Markets will be closed on Monday as the United States observes Memorial Day holiday.

Tensions continue to build with China, this time regarding Hong Kong. Beijing seems to be attempting to exert its control over the former British colony. President Trump has promised a strong retaliation if anything occurs. Wall Street is concerned the escalating tensions could hurt export trade.

The CFTC report showed today that funds were shorter than expected at of the close of business last Tuesday (May 19th).  Funds were shorter corn by 20,000 contracts, shorter soybeans by 16,000 contracts, and shorter Chicago wheat by 5,000 contracts. 

Funds were thought to be mixed on Friday, buying an estimated 0 corn contracts (short 250,000), buying 1,000 soybean contracts (long 4,000) and buying 5,000 Chi. wheat contracts (short 2,000). The record short fund level for corn was -344,185 contracts, a value which seems to be nearing closer and closer to each week. 

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