Good morning,
Corn is up 2, soybeans up 4 and wheat is down 1 to start the day.
Yesterday we saw a technical rebound in the corn and beans, led by the global wheat market fundamentals. Some concerns with dryness in the southern plains and Russian attacks on ports in the Black Sea area over the weekend moved wheat higher on Monday which pulled corn and soybeans along for the ride.
After many weeks of consolidation, the wheat price in Kansas City has traded to the highest level since February. The market is just starting to get overbought. No sell signal in the stochastics yet, as overbought markets have been hard to find.
Corn planting progress doubled again this week to 12% complete, even with last year but ahead of the 10% five-year average pace. Soybean planting rose from 3% to 8% as of Sunday night, even with last year but double the 5 year average. Spring wheat planting advanced from 7% to 15% done this week, ahead of 4% last year and the 10% 5 year average, with emergence of that crop initially pegged at 2%, between 1% last year and the 3% 5 year average.
The rally on Friday and yesterday has been rewarded with an uptick in farmer selling. Basis levels have been firming slightly but will likely stabilize and potentially relax if we can get a little more support on the board.
Have a Safe Day!
Garry Gard
920-348-6844
