Ag Market View for May 13.22
November soybeans closed higher for the fourth session in a row and the buying has pushed the market up to the highest level since May 5. The market closed 27 ½ cents higher for the week. The USDA report failed to provide much in the way of any surprises and this kept the trade choppy yesterday, but a general idea that November soybeans may want to build a weather premium due to the slow start to the crop helped to provide some support. In addition, energy prices pushed sharply higher and this helps support soybean oil. July soybean oil traded up to the highest level since May 2. July meal closed sharply higher on the session and up to a 4-sssion high.
December corn closed lower on the session after trading to a new contract high. The lower close represents a key reversal which might be seen as a short-term bearish technical development. The market closed 28 cents higher (3.9%) for the week. Talk of good weather to get the corn crop planted over the near term helped to pressure the market. With the overbought condition, some back and fill action might be needed. Initial support comes in at 737 ¾ for December corn.
July wheat closed slightly lower on the session after the overnight rally pushed the market up to the highest level since March 8. Talk of the short-term overbought condition of the market helped to pressure. July Kansas City wheat closed moderately higher on the day and pushed up to a new contract high of 12.92. The market gained $1.13 ¾ for the week. July Minneapolis wheat closed higher on the session and posted contract highs for six of the last seven trading sessions. European milling wheat futures posted a new contract high as traders remain concerned with crop conditions in France and the US.
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