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Commentary

Grain Commentary By Jeff Thatcher

Friday May 22nd
 
Corn: +1/4 to -1/4
 
The corn market traded lower for much of the session today before ending mixed.  July futures were just fractionally higher today and was the only corn contract to finish higher today.  December futures were off just slightly after trading in a 3-cent range.  It was a quiet week in the corn market with nearby corn off just a penny, but the July contract did make a new high for the month mid-week.  Corn demand remains the concern with ethanol production rebounding, but still well below year ago levels.  Weather forecasts remain wet across much of the belt with the North Dakota remaining the biggest concern on corn planting pace. 
 
 
Soybeans: -1 ¾ to -1
 
Soybeans spent time trading both sides of unchanged before finishing with a small loss.  Nearby soybeans lost nearly 2 cents while finishing over 6 cents below the day’s high.  The new crop contract was off just a penny after trading in a range of nearly a dime.  Soy products were mixed today with soybean meal gaining over $1 today.  The soybean market was off just over a nickel for the week, but the July contract did trade to the lowest level seen in over 2 months.  Increased tensions with China was the story of the week with concerns on whether China will meet the trade agreement requirements.  Traders are expecting soybean plantings to be near 70% complete in Tuesday’s update.