Wheat traded with solid gains last week, as three out of four sessions posted strong gains while only one session showed losses. Stress from excessive rain continues to provide support for the corn market. For soybeans concerns about slow soybean planting continued to provide support.
Wheat traded with strong gains last week, with much of the strength coming from winter wheat production concerns. Traders are concerned that disease will soon start to reduce the quality and quantity of the crop. The corn market bounced off the eight-month lows from the week ending May 29 and closed with green numbers last week. Support came from strength in the wheat complex, with quality concerns and a lower performing dollar.As of the June 3 close, July soybeans were 12.5 cents higher for the week, while November soybeans were up 18.25 cents. At 10 a.m. June 5, July soybeans were down 3 cents and the November contract was down 4 cents.
Wheat started the week on the defense, but turned to end the week with strong gains. The corn market made a small bounce off its seven-month lows made the week before last, with the strength in the wheat complex. As of the May 14 close, July soybeans were 19.25 cents lower for the week while November soybeans were down 15 cents. At 10 a.m. May 14, July soybeans were down 0.75 cents and the November contract was up 0.75 cents.
Wheat traded with gains last week, as technical buying stepped in to help push wheat off its lows. The corn market lost ground, with expectations that planting picked up with an open week of weather in the Midwest, and the funds continue to hold a large short position. Soybeans traded higher to start the week, as demand continues to support the market despite the ongoing South American harvest.
A creditor group from Colorado is moving forward with the sale of foreclosed property in North Dakota's Walsh County, including the home of former farmer and and elevator owner Tom Grabanski of Grafton, N.D.
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