Corn planting is in full swing across much of the Midwest this week which should ease the concerns for late planting in the markets. Expectations for planting progress this afternoon are expected to be 17-20% complete compared to 27% on the five year average and 5% last week.
This morning corn is up 3, beans are up 2 and wheat is up 12. The following factors appear to be moving the markets this morning:
• Dryness in the plains continues to be a concern for wheat farmers and has wheat trading 12 higher today.
• Southern Brazil’s safrihna corn continues to deal with drought like conditions that are reducing the size of their crop.
• Last weeks accident at the largest meal export terminal in Argentina has soybean meal prices pushing higher. This is adding a little support to corn and soybeans domestically.
Producers should have firm offers in place with their buyers to take advantage of any weather swings we may see in the coming months. The last three years we have seen the market rally between the first of May and the end of June. With lower acres this year and expectations for yields to drop back to trend line, I would expect this trend continues this year.
Have a Safe Day!