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May 22nd –Midday Market Commentary

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

Grain markets are lower this afternoon:

Corn – 1 ½ cents/bu (July @ 3.16 ¼ )

Soybeans – 1 ½ cents/bu (July @ 8.33 ½ )

Chi Wheat – 7 ½ cents/bu (July @ 5.08 ½ )

Cdn $ -0.00380 (71.32 cents)

WTI Crude Oil -1.13 /barrel (32.78)

It seems to be a quiet, risk-off day in the markets today as Americans get ready to ease into their long weekend. Markets will be closed on Monday as the United States observes Memorial Day holiday.

Corn remains just negative as no relevant news is announced. No flash-sale export purchases of soybeans have been announced this week which is holding soybeans negative. Wheat values are much lower today compared to their large rally earlier in the week. Optimism grew when Russia’s wheat numbers were dropped, however, the country still has fairly decent quantities of wheat which is not bullish. 

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