by Steve Freed,
Grains calls are lower. SN is down 10 cents and near 9.64. CN is down 2 cents and near 3.74. Charts look bad. WN is down 6 cents and near 5.20. Wheat may be a follower. US Dollar is higher. Most commodities are lower.
For the week, Winter Wheat prices are down roughly 3 cents for SRW, down 3 in the HRW, and down 3 for HRS; Corn is down 16; Soybeans down 49 cents; Soymeal down $14.00, and; Soyoil down 75 points (December crushing margins are up roughly 11 cents around $1.45, oil-share up 1% at 30%).
The U.S. Midwest weather forecast has average to above average rainfall for most of the Midwest. Temps look to be turning to above average in all areas. The U.S. Northern Plains has average to above average rainfall for most areas. Temps will be running above average. The U.S. Southern Plains weather forecast continues with hit and miss rains. Temps will be running above average.
Leaders of the Group of Seven nations are set to clash with a combative U.S. President Donald Trump on Friday when they pressure him to lift sanctions on steel and aluminum they fear could lead to a trade war. POTUS, who aides say has little interest in multilateralism, resumed his tirade against Canada early Friday morning and appeared prepared to exit talks early without a consensus agreement among all seven countries.
Chicago soybean futures were set for their biggest weekly loss in 10 months on Friday as benign weather across much of U.S. Midwest boosted hopes of another bumper crop. Soybean and corn prices have come under pressure as forecasts for beneficial rains in the U.S. Midwest through early next week bolster production prospects. Crops are already off to a good start, with the U.S. Department of Agriculture this week rating 75 percent of the U.S. soybean crop and 78 percent of the corn in good-to-excellent condition. In Brazil, the soybean planted area is expected to grow by 1 million hectares next season, Agroconsult consultancy said.
For the week ended May 31st, HRW wheat sales are 21% behind with a USDA forecast of a 21% decrease. Corn sales were running 2% ahead of a year ago with the USDA forecasting a 3% decline on the year. Soybean sales were running 5% behind with the USDA forecasting a 5% decline on the year. Soymeal sales 14% ahead of a year ago with a 10% increase forecasted.
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