Written Commentary
CORN
Prices finished steady to $.02 higher in choppy 2-sided trade while spreads firmed. Wave of precipitation are expected across the central Midwest this week with 2”-3” common that include E. KS, OK and TX. Lighter amounts for the N. Plains, WCB and SE. Parts of the far SW Plains continue to miss out. Indications the war with Iran may end soon while other nations in the region taking the lead to reopen the Straits of Hormuz, led to a rally on Wall Street.
SOYBEANS
Prices were higher across the complex with beans up $.11-$.14, meal was $1-$2 higher while oil was up 20-40 points. Bean spreads weakened while product spreads firmed. Board crush margins slipped a few cents to $2.82 ½ bu. while bean oil PV held at a record 52.1%. Prices will continue to be sensitive to volatility in the energy markets while US weather will take on added significance with US plantings just around the corner. Bean oil used for the production of biofuels surged 14% in Jan-26 to 978 mil. and was up 49% YOY. Usage in the first 4 months of the 25/26 MY at only 3.773 bil. Lbs. is off 11%.
WHEAT
Prices ranged from $.07 – $.09 higher. Spreads firmed in CGO and KC while weakening in MIAX. CGO May-26 traded to a fresh 3 week high. KC May-26 traded to a 13-month high before backing up. Strength prior to today’s USDA data was fueled by a larger than expected drop in WW ratings across the S. Plains. Crop ratings in KS fell another 6% to 40% G/E compared to 49% YA.
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