Grain Tidbits - June 4, 2018

Sales to date for corn are the third largest out of 28 seasons ranked at the sixth largest pace. Outstanding sales for the period are record large.  Shipments for the week ending May 24th were record large for the period and were the second largest on record.

Soybean sales were second largest for the period with USDA forecasting exports for 2017/18 marketing year to also be second largest on record.  Total shipments to date are third largest for the period.  Like corn, outstanding sales on the books are record large for the 38th week of the marketing year.  Shipments for the week ending May 24th were largest for the period.  

Wheat, on the other hand, has only one week left to report sales and shipments for 2017/18.  Sales and shipments all season have been disappointing.  Total sales reported to date are ranked 24th out of 28 seasons of USDA data on exports.  Total shipments to date are 25th out of the 28 season of available data.

Weather-wise, the heat is returning to the latest longer range weather models for the western corn belt.  Weekend forecasts see rain and cooler temps in the Upper Midwest, as areas of Canada have received shower activity Thursday night into Friday.  Concerns remain over dry areas of Russia, the Ukraine, and Australia.  

Washington continues to pick fights with agriculture's best three customers: China, Mexico, and Canada.