Market Update 5/22/2020
May 22, 2020
A fairly quiet week in Grains and Oilseeds with not too many features in the futures markets. Corn was essentially unchanged on the week (down a quarter-cent) and Soybeans were a penny weaker as the ebb and flow of good and bad news out of China put a lid on any performance in beans. Spring wheat was up modestly on the week up about 6 cents on the Sept contract.
The biggest news in our space was releasing the details of the CFAP payment structure for grains and oilseeds. Please see the link for more details. While nothing is set in stone as far as future payments, the CFAP payment only highlights the current stance of government policy that is focused on direct payments for planted and harvested grain. History would tell us that it is likely to continue for the 20/21 crop.
We know it’s a challenge out there – stay positive and stay safe. Never know but the forward forecasts look decent for missing out on total drenching rains: