05/26/2023 Weather Threat Boosts Grains Heading into Long Weekend

On the Grains: Based on overnight trade as we go to press, grains will head into the long Memorial Day weekend on a firm note. Since the end of the Civil War, the last Monday in May has been set aside to remember those who have died while serving our country. A salute to all of you who have served or have loved ones in the service now. (This AM report will resume on Tuesday.) Oil prices gave back Wednesday’s gains yesterday after Russia pooh-poohed the hint by Saudi Arabia’s oil minister that OPEC+ was mulling another production cut. The latest on the budget ceiling crisis is that both sides will only say they’re “closer” to a compromise that will avoid default, which is improvement from days of both sides saying they “remain far apart”. Weekly export sales were awful, but could have been worse. Corn sales were a negative 75,000 tonnes but estimates ranged as low as a negative 500K. Wheat sales were a negative 45k, but some thought they’d be minus 75K. Soybeans were the only decent number. At 115,000 tonnes in new net sales, they were at least close to the midpoint of estimates ranging from minus…