Following the long Memorial Day holiday weekend, weather forecasts turned more ominous, sending grain and soy markets skyward, led by Minneapolis wheat. The northern, northwestern Plains, and the southern Canadian Prairies are facing a very hot and arid forecast for the next two weeks, worsening ongoing drought conditions. Brazil’s ag ministry issued a state of emergency alert for the first time ever as drought expands there.
GENERAL COMMENTS:
July corn finished up 32 cents per bushel and December corn closed up 31 1/2 cents. July soybeans closed up 18 cents and November beans settled 24 1/4 cents higher. July KC wheat is up 24 1/4 cents, July Chicago wheat is up 30 cents and July Minneapolis wheat is up 44 cents.
The June U.S. Dollar Index is trading down 0.183 at 89.810. The Dow Jones Industrial Average is up 81.90 points at 34,611.35. August gold is down $0.40 at $1,904.90, July silver is up $0.07 at $28.09 and July copper is down $0.0245 at $4.6530. July crude oil is up $1.53 at $67.85, July heating oil is up $0.0368, July RBOB is up $0.0367 and July natural gas is up $0.121.
