05/22/2023 Corn and Beans Firm, But Wheat Lower and Weather the Driver.

On the Grains: Corn and beans are rebounding some in overnight trade, but all three wheats are lower again with KC wheat leading the losses. Reviving export competitiveness in wheat is elusive when both Russia and Ukraine just lower their own prices all the more. Weather is the other depressant on wheat. The latest 7-day outlook shows heavy rains from the Canadian prairies to northern Texas. It comes too late to restore HRW yields very much but guarantees they won’t get any worse. Further, it enhances yield potential for spring wheat on whatever gets planted. North Dakota in particular is already far behind normal planting. We’ll get another report on that this afternoon in the weekly Crop Progress report, but this forecast shows little catch-up likely this week. With prices now tumbling, prevent plant claims in ND are more and more likely. The rebound in corn and soybeans in overnight trade after last week’s freefall is encouraging; the market is running out of willing sellers. Today’s Crop Progress report is likely to show corn and soybean planting far ahead of normal and the 7-day forecast shows the Eastern Corn Belt wide open for completion this coming week. With the rain…