Stronger markets to open the day with corn up 6 and soybeans up 30. Soybeans are leading the way with interest in South American weather on traders minds today.
The USDA rated the Kansas winter wheat crop at 40% good to excellent down from 43% . Last year the Kansas crop was rated at 35% good to excellent. The expectations were for a larger drop this week after the bitter cold of last week.
Brazilian harvest is near 15% complete vs 31% average. Brazil’s second crop corn plantings are 15% vs 50% last year. Wet weather is going to keep the harvest pace slow, and new plantings will be late. The forecast holds the same wet weather in the North over the next 10 days with up 8 inches projected, its rain just about every other day. The forecast below has some light rain for Southern Central Brazil and trace amounts for Northern Argentina. Eastern Brazil is going to see moderate to heavy rain in the next week. The forecast is still bullish this morning following almost exactly the same pattern of the past month plus.
Have a Safe Day!