Early Market Talk May 22, 2020

Emtheader

Promising start to the week turned into disappointment. Spot corn giving up 2 ½¢ on the week so far in a 9 ¼¢ high to low range. Soybeans also started the week firm but reversed course to trade 7¢ lower showing a 21¢ high to low range. Soybean low for the week made this morning.

At 0600 CN20 off 1¢ at $3.16 ½ and SN20 giving up 3 ¼¢ at $8.31 ¾. KC wheat off 4¢ after a disappointing close yesterday.

Dow futures giving up 64 pts this morning at 24,313. Crude off $1.89 at$32.07. US $ Index showing modest gains.

First-time filings for unemployment insurance totaled 2.44 million last week in line with trade estimates. Total filings stand at 38.6 million. On the bright side, the total has fallen for seven straight weeks from its peak.

Soybeans trading the lowest since the spike low of $8.18 ½ made April 21st. (key reversal day which now looks dubious)

KS wheat tour wrapped up yesterday with an average wheat yield est of 44.5 bpa for the state.

US / China tensions spilling into other areas other than trade. U.S. Senate passed legislation Wednesday that could restrict Chinese companies from listing on American exchanges or raise money from U.S. investors.

Hong Kong’s Hang Seng index down 5.56% by the close on Friday with China set to impose new strict national security laws for Hong Kong.

Soybean sales commitments to China now ahead of last year by 1 mmt.

Markets closed for the Monday trade session in observance of Memorial Day.

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