Bad news of course, but apparently all the bad news was already in the market. Corn closed 4 cents/bu higher in the nearby July with beans and winter wheat 3-6 cents lower. Spring wheat closed up 2 cents as cool, wet weather continues to delay planting in parts of MN and the Dakotas.
WASDE estimates corn’s 20/21 carry out at 3.3 gigazillion bushels, up approximately one gigazillion from the 19/20 marketing year, but who’s really counting bushels anymore anyway? 20/21 soybean ending stocks were forecast at 430 mil bu, in line with trade expectations and declining 130 mil bu year over year on stronger exports to China.
HRW wheat production came in above expectations with 733 mil bu nationally; 298 mil bu SRW is in line with expectations. The KW-W intermarket spread corrected lower in response. Forecasts are calling for up to an inch of rain in parched eastern CO and western KS over the next 7 days and the 8-14 day forecasts are showing above normal precip in KS. Growers in eastern ND are dodging showers, talking about losing corn acres to PP, and expecting to push planting into early June.