Market Udpate 6/5/2020
Jun 5, 2020
It was an active week in the grain and oilseed complex with decent volatility and mostly firmer values. Soybeans saw a very constructive week with plenty of export flashes to China as well as a strong Brazilian Real. (4.97 at current compared to 5.33 last Friday and 5.88 on May 13th) Elevations are decent for the US exporter, should be interesting to see if we have enough of a pipeline at $8.70 to get the boats loaded. Corn is 10 cents higher on the week, starting to get to an area that you should be looking at hedging some up if you have some confidence in your crop. Funds remain short Corn and I will guess they are starting to question if they want to just get out or roll their old crop position. Spring Wheat modestly lower on the week, mostly from today’s action but sometimes it is best not to attempt to explain 10 cent moves in the Wheat market, as “Wheat is Gonna Wheat” as they say.
We will see showers and thunderstorms make their way over most of the Midwest over the next 5 days. We also have the chance of a large system coming through the Dakotas sometime Sunday-Tuesday as a cold front moves in. Some areas on the drought monitor continue to expand, including a majority of Western North Dakota.