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 5/22:

Corn-  Corn futures closed the session mostly lower in front of the 3-day holiday weekend. Corn has traded sideways the past 2 ½ weeks. July futures lost 1 ½ cents from last Friday, while the December contract was down ¾ cent. Fresh market moving news was thin today. Slower exports combined with a drop in ethanol demand and talk of lower feed demand hangs over the market. The weekly COT report will be out this afternoon. Funds currently hold a large short corn position and have shown little to no sign lately of reversing it. The forecast is showing additional rains across much of the Midwest over the holiday weekend as well as for the last week of May. Wet conditions have kept planting progress slow across many areas of the Corn Belt this week. NASS will be out with updated planting progress numbers on Tuesday. The trade is expecting to see U.S. corn planting near 90% complete.

Beans- Soybeans closed mixed, as traders moved mostly to the sidelines in front of the weekend. For the week, July futures lost 5 ¼ cents while the November contract was down a penny. Market participants continue to monitor tensions between the U.S. & China. Most recently, China has imposed security laws in Hong Kong, a move which the U.S. has opposed in the past. This combined with the fact China has lowered its economic growth targets has traders questioning whether China will fulfill their Phase 1 requirements, despite the fact they continue to indicate their intention to do so. The fact China has been quiet in terms of new U.S. ag purchases is doing little to ease these concerns. What traders are trying to decipher is, if their slow purchasing pace is more political in nature or if they are overwhelmed with the arrival of Brazilian beans. Officials in Brazil estimate the country will export 14.7 MMT’s of soybeans this month. Fresh sales are slowing, however, as Brazil works through its available soybean supply. Argentina’s bean exports have also slowed due to transportation issues, as low water levels restrict barge movement. NASS will be out with updated U.S. planting progress numbers on Tuesday. The trade is expecting to see U.S. soybean planting near 70% complete.

WEATHER