STATELINE COOPERATIVE’S EVENING COMMENTS FOR MAY 24, 2019
Corn: North Burt up 15 @ $3.70
- The corn market turned higher overnight as the focus returns to cool, wet weather conditions for much of the US Midwest. The July contract traded above $4. There are gaps in the July corn from $3.85 ¾-$3.84 ¾, and again from $3.60 ¼-$3.57 ¼. Gaps often times get filled.
- Closes: July at $4.04 ¼, up 14 ½ cents, September at $4.12 ½, up 14 cents and December at $4.19 ¾, up 11 ¾ cents. It was a great day in the corn camp today.
- Planting progress is expected to be just shy of 60% complete through Sunday, May 26th.
- USDA announced the sale of 13k tonnes of corn to Mexico for the current marketing year.
Soybeans up 8 @ $ 7.46
- The soybean market traded higher in sympathy with the corn market, in modest volume ahead of the long weekend. Prices drew additional support from slowed planting progress because of unfavorable weather conditions. Some of the intended soybean acres may not get planted because of wet conditions
- Closes: July at $8.29 ¾, up 8 ¼ cents, August at $8.36 ½, up 8 ¼ cents, November at $8.56 ½, up 8 cents. The products were stronger with meal up 3-4 bucks and oil up 23 points.
- The July traded above its 20-Day MA of $8.31 ¼ but failed to hold at or above it by the close.
Planting progress is expected to be near 25% complete through Sunday, May 26th