Morning Markets: Corn +7Beans +5.  Wheat +6.
 
We will extend our free DP for corn from May 31 until July 31.  Topflight will also offer free DP for soybeans delivered off the farm, starting June 1 until July 31,2019.
 
MARKET SUMMARY:
Grain markets firmer as we continue this weather rally and head into the holiday weekend full of wet weather. Corn and soybeans both ended weaker yesterday following the announcement of the government trade aid package, but mother nature is not going to allow any meaningful corn seeding progress beyond the first week of June.

Crude Oil is up $0.67 at $58.58.                           
US Dollar is down $0.130 at $97.726
Global Equities: Japan no change, China +0.3%, and Europe +0.7%.
Dow futures down 286 points at 25,490.
Malaysian Palm Oil: +0.1%.         
EU MATIF Exchange: no change and Wheat +0.4%.
China’s Dalian Exchange: Corn -0.3%, Soybeans no change, and Meal -0.8%.  
 
 
WEATHER:  
·         Midwest weather forecast remains unchanged as the wet pattern looks to continue across much of the Midwest through the weekend and well into next week. Temperatures will be warming from below average to average but very little drying will occur
 
 
OTHER HEADLINES:
·         WEEKLY EXPORT SALES: Corn: 442,000 mt vs trade estimates of 200 – 600; sold 81% of USDA estimate vs 90% average. Soybean: 536,000 mt vs trade estimates of 0 – 400; sold 95% of USDA estimate vs 97% average.
·         The Trump administration released a $16 billion farm aid package to help negate losses from U.S./China trade war; $14.5 billion will be in direct payments to farmers. Payments will be determined by where they farm rather than what crops they grow. The first tranche of payments expected by early August.
·         President Trump predicted a swift ending to the ongoing trade war with China. No official meeting has been scheduled, but Trump said he looks forward to speaking with Xi Jinping at the G20 meeting in late June. He remains hopeful a deal will get done and thinks things are going to happen fast.
·         With the holiday weekend, crop progress report will not be released until Tuesday. The general feel is corn planting progress will be reported at 58-60% vs. 90% on average.
·         Average trade estimate for Friday’s Cattle on Feed Report has the number of cattle on feed as of May 1st at 103.1% of a year ago. Placements in April are pegged at 114.4% and marketed in April are estimated at 106.6% of a year ago.
·         The U.S Coast Guard has closed a portion of the Mississippi River to boat and barge traffic due to high water and strong currents.
·         Dry conditions over the southeast US cropping areas has some concerned over crops there, particularly cotton and peanuts. Daytime temps will be 95+ for the extended forecast with no rain chances as a ridge of high pressure hangs over the region.
 
 
 
EXPORT NEWS:
 
·         USDA says 113,000 tons of corn sold to Mexico in 18/19.
 
Have a great day!!!!
 
Chelsey White
Emery Branch Manager/Originator || Topflight Grain Coop
593 Emery Rd.
Maroa, Il 61756
217-794-2240
E-Mail: cwhite@topflightgrain.com
Web: www.topflightgrain.com

This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
 
 
 
 
 
 
 
 
 
 
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