Grains

Grain prices this morning are higher with Jul corn +5.25 (+1.33%, Jul soybeans +10.50 (+1.06%), and Jul wheat +8.25 (+1.66%). Grain prices on Thursday settled mixed with Jul soybeans at a 6-week low: Jul corn -4.00 (-1.00%), Jul soybeans -4.75 (-0.48%), Jul wheat +3.25 (+0.66%). Bearish factors included (1) a stronger dollar, (2) ideal weather in the central U.S. that benefits the development of the newly planted crops, and (3) trade tensions between Russia and China that is undercutting Chinese demand for U.S. soybeans in favor of other sellers after Chinese customs data showed Chinese purchases of Russian soybean from July through mid-May was 850,000 MT, more than double the 340,000 MT from the prior year. China's National Grain and Oils Information Center last week to project China 2018 soybean imports may decline by -1 MMT to 95 MMT, the first decline in 15 years. Wheat rallied on global crop concerns with below-normal moisture levels in the wheat growing areas of the U.S., Canada and Australia.

Monday's USDA Crop Progress report showed 62% of the U.S. corn crop planted as of May 13, just behind the 5-year avg of 63%, and that 15% of the U.S. soybean crop was planted as of May 6, 2 pts behind the 5-year avg of 13%. The USDA reported 35% of the U.S. soybean crop planted as of May 13, ahead of the 5-year avg of 26%. Also, 36% of the U.S winter wheat was in good/excellent condition as of May 13, up +2 pts w/w but down from 51% last year. The NWS reported that the wheat-growing region from Texas to southwest Kansas had the driest Dec-Feb on record.