Grain markets lower after overnight trading:
Corn – 1 ½ cents/bu (July @ 3.16 ¼ )
Soybeans – 3 cents/bu (July @ 8.32)
Chi Wheat – 8 ¾ cents/bu (July @ 5.07 ¼ )
Cdn $ -0.00360 (71.34 cents)
WTI Crude Oil -1.25 /barrel (32.80)
The corn market is being impacted by bullish factors such as China trade optimism, world demand, feed demand, and shrinking Chinese stocks. These positive factors are not enough to outweigh the bearish market factors including ethanol margins, increased U.S. planted acres, and the African swine Fever reducing amount of feed needed for pork.
Soybeans are optimistic about China trade opportunities, global meat demand, and funds, but are hindered by large stocks, tensions between China and the U.S., and increased U.S. crop acres.
Wheat had a large bounce midweek due to Russia’s shrinking wheat production estimate, however, it has settled back into negatives as the excitement wears off.
Markets will be closed on Monday as the United States observes Memorial Day holiday.