DTN Wheat News

FARM MARKET NEWS - SOYBEAN AND WHEAT REPORT FOR Fri, May 29 Exchange rate was 1.3799 up 0.0034 Chicago soybeans closed mixed. JUL20 HI 8.46 NOV20 HI 8.55 1/4 LOW 8.37 LOW 8.48 CLOSE8.40 3/4 Down 6 1/4 CLOSE 8.51 3/4 Down 4 1/4 OLD CROP NEW CROP Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt ELEVATORS +JUL2+JUL2+SEP20 CK Low 2.73 11.14 409.232.55 11.07 406.66 CK High 2.75 11.16 409.972.60 11.12 408.50 CK Average 2.75 -0.3211.15 409.852.59 -0.4711.10 407.95 Essex Cty 2.75 11.16 409.972.55 11.07 406.66 Mdsx Low 2.71 11.12 408.502.54 11.06 406.29 Mdsx High 2.75 11.16 409.972.60 11.12 408.50 Mdsx Average 2.73 -0.3411.14 409.232.57 -0.4811.09 407.40 Hensall 2.75 11.16 409.972.60 11.12 408.50 Bruce 2.75 11.16 409.972.60 11.12 408.50 Putnam 2.75 11.16 409.972.60 11.12 408.50 Burford 2.78 11.19 411.072.61 11.13 408.87 Port Perry 2.73 11.14 409.232.56 11.08 407.03 Norfolk 2.75 11.16 409.972.60 11.12 408.50 Palmerston 2.78 11.19 411.072.66 11.18 410.70 Varna 2.75 11.16 409.972.60 11.12 408.50 Trenton 2.75 11.16 409.972.60 11.12 408.50 Winchester 2.75 11.16 409.972.60 11.12 408.50 North Gower 2.75 11.16 409.972.75 11.27 414.01 Vankleek Hill N/A 2.85 11.37 417.68 Huron FOB 2.90 11.31 415.482.70 11.22 412.17 Kent FOB 2.90 11.31 415.482.60 11.12 408.50 Lambton FOB 3.00 11.41 419.152.60 11.12 408.50 Middlesex FOB2.90 2.90 N/A N/A 11.31 415.482.66 11.18 410.70 PROCESSORS Windsor 3.25 11.66 428.342.88 11.40 418.79 TRANSFER Hamilton 3.30 11.71 430.183.05 11.57 425.03 Prescott N/A 3.14 11.66 428.34 Port Colborne3.31 11.72 430.543.00 11.52 423.20 Toledo El. -0.11 8.30 304.87-0.41 8.10 297.76 Exchange rate was 1.3799 up 0.0034 Chicago wheat closed slightly to moderately higher. JUL20 HI 5.22 1/4 SEP20 HI 5.25 LOW 5.11 3/4 LOW 5.15 CLOSE 5.20 3/4 Up 6 1/4 CLOSE 5.23 1/2 Up 5 3/4 Minni wheat closed slightly higher. JUL20 HI 5.26 SEP20 HI 5.36 3/4 LOW 5.15 LOW 5.26 1/2 CLOSE 5.25 Up 5 3/4 CLOSE 5.36 Up 5 1/4 GFO Cash Wheat Prices - DEL Terminal Harvest 19 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M) Basis 2.12 2.32 2.12 1.37 CAD $/bu 7.32 7.53 7.32 6.62 CAD $/tonne 269.10 276.71 269.10 243.37 Direct MarkHarvest 2019 Harvest 2020 DELIVERED BASIS DELIVERED BASIS Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M) ELEVATORS Brgssvll N/A N/A N/A N/A N/A N/A 1.27 N/A London 1.94 2.14 1.66 N/A 1.50 1.70 1.29 N/A Hensall 1.65 N/A 1.65 N/A 1.42 N/A 1.27 N/A Trenton N/A N/A N/A N/A N/A N/A 1.42 N/A Bruce 1.55 2.05 1.65 1.70 1.32 1.67 1.27 1.25 Essex N/A N/A 1.70 N/A N/A N/A 1.22 N/A Norwich 1.65 N/A 1.65 N/A 1.42 N/A 1.27 N/A Port Hope N/A N/A 1.65 N/A N/A N/A 1.42 N/A Kent Bridge 1.65 N/A 1.65 N/A 1.42 N/A 1.27 N/A Chatham N/A N/A N/A N/A N/A N/A 1.27 N/A Brigden N/A N/A N/A N/A N/A N/A 1.27 N/A Palmerston N/A 2.12 1.70 1.78 N/A 1.78 1.36 1.27 Varna 1.85 2.05 1.65 N/A 1.37 1.67 1.27 N/A Mitchell 1.65 1.80 1.65 N/A 1.42 1.62 1.27 N/A Thornton N/A N/A N/A 1.70 N/A N/A N/A N/A North Gower N/A 2.00 1.80 1.05 N/A 1.80 1.30 1.05 W O Feed 2.23 TERMINAL Port Colbor N/A N/A 2.00 N/A N/A N/A 1.63 N/A PROCESSORS Toledo FM N/A N/A 1.98 N/A N/A N/A 1.94 N/A Toledo El. 5.21US 7.19CA 5.21US 7.18CA GFO Contract Wheat Prices - DEL Terminal Harvest 20 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M) Basis 1.64 1.99 1.64 1.34 CAD $/bu 6.88 7.22 6.88 6.70 CAD $/tonne 252.63 265.30 252.63 246.29 (C)-Basis over the Chicago Board of Trade futures (M)-Basis over the Minneapolis Grain Exchange FEED GRAINS FOB Hm Soymeal 486.35 DDG's FOB Srn & Aylm 260.00

DTN Closing Grain Comments 05/29 13:57 Row Crops Lower as President Prepares to Discuss China Dow Jones Industrials and most ag commodities traded lower Friday as traders looked cautious ahead of President Donald Trump's news conference on China. July soybeans closed down 6 1/4 cents, but all three wheats finished higher with help from dry forecasts for the U.S. Plains and northern Europe.

DTN Midday Grain Comments 05/29 11:20 Corn, Beans Lower at Midday Corn is 3 to 4 cents lower, soybeans are 4 to 6 cents lower, and wheat is 1 to 6 cents higher. David Fiala,DTN Contributing Analyst The U.S. stock market is weaker with the Dow 190 points lower. The dollar index is 20 points lower. Interest rate products are firmer. Energies are mixed are weaker with crude unchanged. Livestock trade is weaker with cattle the downside leader. Precious metals are firmer with gold up $21.00. CORN Corn trade is 3 to 4 cents with trade holding gains from the rally yesterday as we look to consolidate into a higher range with pressure from trade concerns and spillover from soybeans. Ethanol margins remain stable with unleaded demand holding the recent plateau. Warmer drier weather for most is expected into next week. Basis has shown isolated signs of strength this week. Export sales were softer at 427,200 metric tons old crop, and 46,500 of new. The USDA announced 101,600 metric tons sold to unknown on the daily wire. On the July contract support is the upper Bollinger band at $3.24, and resistance the fresh high at $3.31. SOYBEANS Soybean trade is 3 to 5 cents lower at midday with rangebound action continuing as the ral slides in tandem with the dollar this AM, and China tensions remain at the forefront. Meal is $1.00 to $2.00 lower, and oil is flat to 10 points higher. South America continues to move along harvest wise with strong shipments out of Brazil likely to continue unless port issues redevelop due to strikes or virus related absenteeism. Crush margins remain solid for the time being. Export sales were softer from last week, at 644,300 metric tons of old crop, 203,000 metric tons of new crop, 127,000 of meal, and 56,600 of oil. The USDA also announced 132,000 metric tons of soybeans split between crop years sold to China. The July soybean chart support is the 20-day at $8.43 which we are testing this AM with resistance the upper Bollinger Band at $8.57. WHEAT Wheat trade is 1 to 7 cents higher with Kansas City trade leading again as the dollar tests 98 on the index. Russia looks to have mostly average to slightly above rainfall near term with France and Germany drier near term, while the plains look to trend warmer and drier. Kansas City is at a 49-cent discount to Chicago on the July with narrower action so far, while Minneapolis is back to a 1 cent premium. Export sales were solid at 209,800 metric tons old crop, and 465,900 metric tons. The July Kansas City chart support is the lower Bollinger Band at $4.32 which we tested last week before bouncing with resistance the 20-day at 4.64 which we are above at midday. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2020 DTN, LLC. All rights reserved.

DTN Weather Trend Indicators 05/29 09:25 Weather Indicator status values are: Corn=Neutral Soybeans=Neutral Wheat=Neutral LEGEND: The indicator choices are: Corn, Soybeans, Wheat The status choices are: Up, Down, Neutral For example: Corn=Neutral

DTN Early Word Grains 05/29 05:56 Grains Higher, Soy Lower into the Weekend July corn is up 1 cent per bushel, July soybeans are down 2 1/2 cents, and July KC wheat is up 2 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: July corn is up 1 cent per bushel, July soybeans are down 2 1/2 cents, and July KC wheat is up 2 cents. CME Globex Recap: Equities are mostly lower overnight with the U.S. staring at a lower open later Friday morning. Financial media are focused on possible retaliation from President Trump at his press conference later Friday after Beijing approved a sweeping national security law for Hong Kong. Most believe sanctions will be levied against China and Chinese officials for the new law which had the effect of removing Hong Kong's special trade status. Energy markets are weaker with crude oil futures off close to 3.5%. Fixed income and precious metal markets are higher, led by silver, which is up 1.10%. Grain markets are mixed with higher wheat and corn while soybeans are off a couple cents. Traders are looking forward to export sales later Friday morning as well as the next round of weather maps midday. From now through July, markets will be especially sensitive to changes from one model run to the next, which is where the term "silly season" comes from. Welcome to the "silly season." OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 147.63 at 25,400.64 and the S&P 500 down 6.40 at 3,036.13 while the 10-Year Treasury yield ended at 0.705%. Early Friday, the June DJIA futures are down 98 points. Asian markets are mixed with Japan's Nikkei 225 down 38.42 (-0.18%) and China's Shanghai Composite up 6.13 points (0.22%). European markets are lower with London's FTSE 100 down 59 points (-0.95%), Germany's DAX down 119.73 points (-1.02%) and France's CAC 40 up 37.77 points (-0.79%). The June Euro is up 0.005 at 1.110 and the June U.S. dollar index is down 0.317 at 98.055. The June 30-Year T-Bond is up 26/32nds, while June gold is up $12.30 at $1,725.60 and July crude oil is down $1.09 at $32.62. Soybeans on China's Dalian Exchange were up 0.07% while soybean meal was down -0.75%.

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