Morning Market Review for May 27, 2021 farmprogress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from farmprogress.com Daily Mail and Mail on Sunday newspapers.
Last week’s Quarterly Grain Stocks report provided some hints about USDA’s adjustments that are likely in today’s WASDE report. USDA’s National Agricultural Statistics Service (NASS) pared 28 million bushels of corn from December 1, 2020 quarterly stocks last Wednesday, while adding 13 million bushels of soybeans and 29 million bushels of wheat to December 1 inventories.
The adjustments were made due to late-submitted reports from off-farm and commercial storage facilities. We will see the revision in the form of an adjustment to each commodity’s residual and feed usage category from WAOB.
Demand rationing will also be high on the list of factors to watch today, particularly for soybeans. Domestic loading paces have declined significantly in the past month as the Brazilian crop begins to enter international shipping channels. Weekly average soy export loading paces to China over the past eight weeks are over six times lower than the total weekly average shipping rate.
Chicago and Kansas City follow Minneapolis futures higher on yield concerns
Corn up 1-2 cents
Wheat up 8-11 cents
Corn
Corn prices inched up this morning, supported by ongoing planting delays in Brazil. Rainy forecasts in the Midwest over the next few days are also contributing to the morning’s gains.
USDA releases its weekly export sales report this morning. Old crop corn export sales are likely to register smaller volumes than last week, with market analysts projecting a range between 19.7 million – 35.4 million bushels. New crop corn export sales are expected to range between 2.0 million – 11.8 million bushels.
USDA reported two large daily flash sales of old crop corn during the week ending April 1. Japan ordered 4.4 million bushels of corn to be delivered in the 2020/21 marketing year. An unknown buyer also booked nearly 4.0 million bushels of corn scheduled for 2020/21 delivery.
Councilman Mike Walter introduced the resolution:
âThe Common Council of the City of Auburn, taking note of the KKK event anticipated in our community on April 3 and that did not take place, commends Mayor Michael D. Ley for his statement issued March 31 repudiating the KKKâs âideologies of hatred and intoleranceâ and stating firmly that âthere is no place for intolerance in our community.â The Common Council joins Mayor Ley in calling for a community of âmutual respect, inclusion and caring for our neighbors.ââ
The Texas-based Church of the Ku Klux Klan spent two months promoting online its plans for an âIndiana White Unity Meet and Greetâ at an undisclosed private property in Auburn.