Weaker markets overnight as rainfall was a bit better than expected. Forecasts look positive in the US for the crop for now. Weather forecasts for the 7-10 day range are calling for warmer temperatures which are also going to trigger rains which will be favorable for crops. Traders are also expecting good planting progress in this afternoons report with estimates around 75% complete. Overnight corn was down 10 and soybeans were down 7.
On Wednesday the USDA will give us an updated S&D report with expectations for a slight reduction in US stocks from last months report. Estimates are for ending stocks to be around 1.275 billion bushel compared to Aprils report of 1.352 billion. Soybeans are estimated at 117 million bushel compared to 120 million in April. We will also get our first USDA estimate of the 2021/22 carryout on Wednesday. Estimates are for 1.344 billion bushel in corn and 138 million in soybeans.
Have a Safe Day!