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Market Update

May 31, 2022

Grain bins

Current Market Conditions, 5-31-22

Hopefully everyone had as smooth of a planting season as possible and you are seeing some nice emergence. It probably wasn’t ideal, but locally compared to some other parts of the U.S. we had a decent stretch for planting. Minnesota, North Dakota, and South Dakota are behind pace and looking at the possibility of some prevent plant acres. 

The latest grain news out of Ukraine is the possibility of Russia allowing some exports to leave Ukraine in exchange for some easing of sanctions. This is still in the works and a developing situation, so time will tell how much grain, if any, will be exported. There are questions surrounding the extent of the damage to the export ports, internal elevators, and their rail infrastructure, but it seems like there is the potential for some grain to hit the market if an agreement is reached. 

June 10th is the monthly WASDE report and June 30th is the quarterly grain stocks and acreage report. The June WASDE corn and soybean ending stock estimates are expected to be similar to May’s report numbers, 1.44 billion bushels and 235 million bushels. As I mentioned last month, prevent plant acres are usually not factored in on the June 30th acreage report. 

Going into summer remember to keep that stored grain moving if you have any quality concerns as the temps warm up. Give us a call today to put in some targets on any unpriced old crop. 
 

Jory Bossuyt

Grain Lead & Merchandising
 


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