Good morning,
Markets are mixed to start the day with corn down 2 and soybeans up 3.
Argentina’s oilseed workers union lifted their strike Tuesday evening, and this is sending soybean meal sharply lower. Don’t discount future worker strikes as they are common in that country. The government is far from ironing out economic reforms. Brazil soybean premiums were unchanged to up 5 cents for the May/June positions, meal mostly unchanged and soybean oil higher in the spot.
Rain fell in ND, MN, and much of IA over the past 24 hours, with heavy storms in SE KS and NE OK as well; more is developing in the southern Plains today as rains move up from the southwest today and into the Midwest through the weekend. Five-day rain forecasts show plenty more widespread coverage and heavy amounts across the Plains and Midwest, heaviest center south. Extended maps remain wet as well through mid-May, with temperatures warm through at least the 6-10 day; 11–15-day maps are starting to show normal to below-normal temps creeping in from the northwestern U.S.
Monday afternoon’s planting progress showed the US at 27% completed compared to 12% last week and 22% on average. With the recent rains and more forecasted in the coming days, we may see things slow down and fall back to normal pace. I don’t expect the markets to add any premium for planting delays soon. We will have to see how progress is around May 10th before anyone will get excited with the pace that that the crop can be put in the ground.
Have a Safe Day!
Garry Gard
920-348-6844
