Good morning! Corn and wheat markets are higher as planting delays and Funds continue to buy back short positions. Soybeans are lower as the trade dispute continues with between the U.S. and China.
Any trade talk has been pushed to page 2 as weather and the aid package dominate the news. The USDA is expected to announce some details on a $16 billion market Facilitation Program (MFP 2) today. It’s rumored to include direct farmer payment, commodity purchases, and market development funding. Hoping to get some clarity on what payments will be based on. The first payment could come as soon as the end of July. The USDA has stated they don’t want the program to skew this year’s planting decisions.
The main headline continues to be the continuing wet weather. Forecasts see rain today and tomorrow, clear for a couple of days, then rain moves back in.
**After the markets close tomorrow, they don’t reopen until Monday night in observance of Memorial Day.**
Corn: 9 carry.
Soybeans: 13 ½ carry.