FOR MONDAY: (5/22) Corn futures closed higher for the day and for the fourth straight week as rain and cold weather may impede the last of this year’s planting and possibly cause some fields to be replanted. Soybeans finished higher for the day but lower for the week. Investors are watching action in Brasilia, Brazil’s capitol, where President Michel Temer is being investigated for bribery. The Real on Friday recovered about half of what it lost yesterday when the allegations were first reported. Wheat had big daily gains with hard red winter wheat recovering nearly all that it lost earlier this week. Severe storms and flash flooding are expected in the plains today and in the Midwest tomorrow, where winter wheat needs dry conditions.
We can see grains higher on Monday if they react to the weather but that may be higher for the week so if you’re short, you have watch stops.
