Good Morning. Another Monday but this one is starting off on a green note. There is a 3-day weekend coming with next Monday already Memorial Day. Wet weather concerns continue to support the market with more rain seen over the weekend to the west. Some parts of the Midwest were able to get some planting done with rain more spotty to the east. The 7-day precip map still shows heavy rain slated in the western corn belt while parts of Illinois, Indiana, Michigan, and Ohio may finally get some work done later this week. The crop progress report will be closely dissected with estimates for corn near 50% and beans near 20%. Spring wheat is expected near 60% done. The commitment of traders report on Friday showed the funds still holding sizable net short positions with beans setting a new record short. No new news on the China trade news but there remains continued talk that the two sides may meet in June at the G20 meetings. Export inspections will be out this morning. July corn is trading above the 200-day moving average this morning and now is above all the major moving averages. What a difference a week makes. $3.95 to $4.00 the next resistance area. The bean chart is still a struggle with July still trading below all the major moving averages. Talk of less corn acres and more bean acres are driving the market right now. Crop progress and pending rain totals will set the tone early this week. Have a good day.
7-day precip forecast (May 20-May 27)
Have a good & safe day!
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