Grain Tidbits - May 21, 2018

8:12 AM 5/18/2018

Cash corn prices remain near post-harvest highs for this week, being supported by improving global fundamentals and planting delays in the northwestern Midwest. Parts of southwest Minnesota and Northern Iowa have barely turned a wheel for planting corn.  Farmers in that area are opting for an earlier maturing corn seed.

Cash soybean prices have been lower, with July futures now below $10.00. Bean export sales were on the low end of expectations for the week. Farmers sold most of their old crop soybeans throughout the winter, but new-crop sales have been limited on this current market break. This morning (Friday) soybeans started out higher, due to the seeming progress on China and US trade negotiations.  
Wheat harvest has begun in South Texas. Questions continue to surround the possible protein levels in the hard red winter wheat region.  It seems we are too expensive for the export market, leaving the mills to do the business, where the focus is increasingly on new crop supplies.  History suggests that the Hard Red Winter Wheat should have higher protein due to this year's drought conditions.