Softer markets to start the day with nearby corn unchanged and new crop corn down 5. Soybeans are 1-3 lower across the board.
Corn planting in the south is off to a good start. Planting in TX was reported at 26% complete vs. 10% last week and 26% on average. LA corn is 14% planted vs. 5% on average. Early spring weather has helped the south and expectations are that we may see the same in the Midwest.
Brazil saw another good week of soybean harvest last week that shows them 46% complete compared to 34% the previous week and 55% on average. Mato Grosso is 80% complete which is just shy of the 88% for the 5 year average. Safrinha corn planting jumped to 72% compared to 50% the previous week and 90% on average.
The funds took advantage of the expanded position limits yesterday and added 25,000 corn and 3500 soybean contracts to their positions. All of this length was added in the nearby contracts while the new crop prices fell. Funds are now long 356,000 corn and 135,000 soybeans.
Have a Safe Day!