Kirsten Rall updates the markets as of 5/27/2020 at 2 p.m.
Grains: Grain futures ended mixed Wednesday. Panting progress was mostly as expected and on track for this time in May according to the planting progress that was released Tuesday afternoon. NASS has 2020/21 corn at 88% planted and 64% emerged through May 24. Both are 6% ahead of the 5-yr average pace.
The first corn condition rating was released Tuesday afternoon. The corn crop was reported at 70% good/excellent and average for this time of year.
CFAP sign up started Tuesday. Producers are encouraged to sign up through their FSA offices.
Livestock: Livestock futures ended Wednesday higher mixed. Cattle futures ended higher while hog futures ended lower.
Box beef values continue to decline as they return to more normal conditions. Choice was down $5.92 at $379.57. Select cuts down $7.11 at 352.91
Chinese pork imports during April were a new record of 400,000 MT. The 2020 total is now 1.35 MMT.
Outside Markets: The Dow was up 326 points, the NASDAQ was up 18 points, the S&P was up 23 points, July WTI Crude oil down $1.82 at $32.49