It was a short week thanks to Monday’s Memorial Day holiday, but it wasn’t a kind week for grain prices, which suffered heavy losses on Wednesday and Thursday. Corn and soybean prices trended lower again despite testing some overnight gains. A round of technical selling also slightly trimmed CBOT wheat prices, while Kansas City HRW and MGEX spring wheat prices moved modestly higher.
Additional rains stretching from Mississippi and Alabama all the way up through Minnesota should deliver another 0.75” or more between Saturday and Tuesday, per the latest 72-hour cumulative precipitation map from NOAA. Later on, NOAA’s new 8-to-14-day outlook predicts some above-normal precipitation for the Southern Plains and colder-than-normal conditions for most of the Corn Belt between June 7 and June 13.
