Daily Ag Direction 5/22/24
Good Morning!
Russian wheat issues continue to dominate the market with forecasts continuing to bring above normal temps with below normal moisture. U.S. and Paris wheat markets are both jumping higher on the opens. Oklahoma and Texas wheat harvest is starting to roll with good yields, quality and test weight being reported early. Harvest is about a week early this year and should really pick up into next week.
The corn market traded fimer overnight following the strength in wheat. With good planting progress last week, the market doesn't seem to be too concerned about the excessive moisture. The weather conditions in South America are concerning for now with the Safrinha corn crop in Brazil continuing hot and dry. Rain in Argentina is slowing harvest attempts and could result in further crop issues.
U.S. soybean planting was reported at 52% which was further than expected. Much of the midwest is still continuing to receive rains but summer weather will be coming soon.
