Corn is down 4 while soybeans are up 10 to start the week. Given the recent change in weather one would have expected the opposite coming into this morning.
The US planted somewhere between 15-20% of the corn crop and 5% of the bean crop in the last week with great weather across the growing region. Progress will be out by the USDA at 3 o’clock today. Cold wet weather is forecast across the Central US over the next 10 days. The 15-day forecast stays cold in the Upper Midwest and Canada. More snow is on the way this week and into next. This will limit planting for the next week which will keep the early planting pace in line with historical.
The Black Sea Grain Initiative is facing difficulties on multiple fronts as its May 18th renewal continues to be in jeopardy. Besides Russia’s continuous statements regarding the West not holding up their end of the bargain in re-opening the banking system for ag exports and removing obstacles on fertilizer exports. The inspection of Ukrainian vessels in Turkish waters again saw no activity for a second time in several weeks over the weekend, with Ukraine blaming Russia for not participating in inspections. Additionally, several Black Sea region countries have banned imports of Ukrainian grains as they say the considerable amount of product moving through their territories is detrimentally impacting domestic prices of their grains.
Have a Safe Day!