Markets opened stronger this morning with corn up 14 and soybeans up 14. Concerns over Brazils weather have added strength to the markets today. Agencies in Brazil are getting concerned about the 2nd crop corn as they dropped production 3.5%.
US corn plantings are near 4 pct vs 2 last week and 3 average. Cold temps have not slowed plantings. Texas has by far made the most progress, with 57% of the state’s corn crop now planted, followed by North Carolina (16%), Tennessee (11%) and Kentucky (10%). Nine other states have measurable progress of between 1% and 8%.
The 10 day forecast for the US has very light amounts of rain for the Central growing region. Up to a quarter of an inch is projected over the next 14 days. Most of the heavy rain stays in the far South Delta where they will get up 4-5 inches. In the back end of the model you can see storms develop in Texas and head East covering Missouri and the Southern tip of Illinois. The North stays very dry in the entire 14 day model. Temps will be below normal out into April 28th.
Have a Safe Day!