Turnaround Tuesday! Corn is up 6, soybeans up 12 and wheat is up 30 to start the day.
Wheat is leading prices higher after the loss in ratings. Planting is delayed as well; in a year we cannot afford poor yields or any loss of acres to prevent plant. Wheat ratings dropped another 3 points yesterday and now sit at 27% good to excellent. These are some of the worst ratings on record for wheat, with Kansas ratings down 7% to 26% good to excellent.
National corn planting progress came in at 7% complete as of Sunday night, up from 4% last week but behind 16% last year and the 15% 5-year average pace; initial emergence reporting came in at 2%, behind 3% both last year and on average. Soybean planting rose from 1% to 3% this week, behind 7% LY and the 8% 5YA, with spring wheat planting advancing from 8% to 13% this week, behind 27% LY and the 15% 5YA pace.
The limits and the CBOT will expand next Monday from 35 cents in corn to 50 cents, from 90 cents in beans to 1.15 and wheat will be lowered from 85 cents down to 70 cents.
Have a Safe Day!