Good morning,

Corn is up 2 and soybeans are up 18 to open the day as traders await the 11am crop report. Estimates for today’s report are listed below.

USDA 2022/23 US Carryout (billion bushels)

USDA April Average Estimate USDA March
Corn 1.342 1.319 1.342
Soybeans .210 .198 .210
Wheat .598 .574 .568


USDA 2022/23 World Carryout (million tonnes)

USDA April Average Estimate USDA March
Corn 295.35 295.01 296.46
Soybeans 100.29 98.56 100.01
Wheat 265.05 267.06 267.20


Corn planting progress came in at 3% complete yesterday afternoon, up from 2% last week, last year, and on average. Spring wheat plantings were initially reported at 1% complete, down from 6% last year and 4% on average. Winter wheat heading rose just a point to 7%, still ahead of 5% LY and 4% on average, with ratings of the crop down a point this week to 27% good/ excellent, below 32% last year and the 47% 5YA figure.  These are the worst ratings for hard wheat from back to 1996.



Have a safe day!


Garry Gard