Good afternoon. Happy Friday. Markets were mixed to wrap up the week with corn and wheat futures lower, while the soy complex traded higher. Fund movement continues to be the primary driver of price, while less than ideal global weather has the attention of ag traders.

CN closed Friday at 4.52 1/2, down 4 1/2 cents. CZ was down 5 1/4 at 4.76 1/2. Both contracts made new two-week lows to end the week. SN closed at 12.28, up 11 3/4. SX was up 4 1/4 at 12.03 1/4. WN closed at 6.51 1/4, down 12 cents. Products were higher, July bean meal closed at 368.80, up $1.10/ton, and July bean oil closed at 45.27, up 75 points. Livestock markets were mixed, June live cattle closed at 181.05, up $2.02, August feeders closed at 259.85, up $2.50, and June hogs closed at 96.50, down $1.87. Live cattle traded their highest level since the end of March, while hogs traded to their lowest level since the middle of February. Outside markets are mostly higher, crude oil futures are up 80 cents/bbl, the Dow Jones index is up 115 points, and the US$ index is unchanged.

Spreads were mixed, corn spreads finished the week trading either side of unchanged, while soybean spreads were up 3-7 cents. CN/CU ended the week at -10, while SN/SU closed at 22 3/4.

For the week: July corn was down 17 1/4; Dec corn was down 15 1/2; July beans were up 9; Nov beans were down 2 1/2; and July wheat was down 12 1/4.

Quiet day on the news front to end the week, with the only real data for the day being this afternoon's commitment of traders report. Old crop corn futures finished the week back below the 100-day moving average, which doesn't bode well for the bulls technically; though worth noting that new crop remains above the 100-day. Soybeans also continue to trade above the 100-day, but this will be first resistance next week for both the old and the new crop. Spread unwinding of long grains/short soybean spreads was also noted on Friday.

Markets seem to be getting into a sort of 'wait-and-see' mode, as funds aren't willing to be too aggressive in either direction until they have a better idea of what's going to happen with the planting of the US crop. Global weather issues continue to keep a floor underneath prices, but rallies have also been met with farmer selling in both the US and Brazil. Confirmation of record or near-record crops in the US will likely be needed to push the markets back towards the Spring lows.

This afternoon's CFTC commitment of traders report showed for the week ending May 13, managed money traders were buyers of 14,884 contracts of corn futures and options, sellers of 1,212 contracts of soybean futures and options, and buyers of 14,109 contracts of Chicago wheat futures and options. Managed money is now seen short 71,171 contracts of corn, short 42,665 contracts of soybeans, and short 28,251 contracts of Chicago wheat. For corn and beans, these compare to recent records of 340,732 and 171,999 contracts respectively.

Germany's national statistics agency on Friday estimated winter wheat area in the country down 8.3% from 2023 at around 2.6 million ha's. Rapeseed area was also seen lower year/year, with the group estimating a 5.8% decline to 1.1 million ha's. The group cited an unfavorably rainy autumn as well an increased use of farmland for purposes such as housebuilding and expansions of renewable energy infrastructure as the primary reasons for the reductions. Germany is the EU's second largest wheat producer behind France, and is also one of the largest producers of rapeseed.

Will keep the weather comments short to wrap up the week, as there remains no change to the overall pattern. Rains will exit the East Coast tonight before most of the Midwest has a 48 hour dry window. Rains look to return in the West on Sunday and progress East into the first part of next week. The GFS is wetter through the heart of the Midwest, while the EU model sees heaviest rains to the North and South next week. Temps warm into the weekend as cloud cover lifts for the Eastern US.

Both models are again dry at mid-day for Russian wheat areas East of the Black Sea; and cool temps look to remain in this area as well for another 10 days. And there was again no update to the South American pattern for either temps or precip.

The acreage debate will likely heat up next week depending on how much progress is able to be made through the Midwest in the next 48 hours. Have a good weekend!