Stronger markets to start the day with corn up 14 and soybeans up 20.
The crop report is out tomorrow, and many expect to see bullish for old crop corn and beans. The acres will be input in the 2022 balance sheet which will show a heavier ratio of beans planted, which will produce a larger US carryout. The corn carryout is expected to be bullish and probably something close to this year’s. We probably peak out corn and wheat either on or ahead of this report. I don’t think we see something so different that it would be market changing. The market is already high and holding its range, which it will probably do for the foreseeable future as we have a very important US growing season to get through.
The 10-day forecast for US weather is wet for the Dakota’s and Canadian Prairies. The high-pressure ridge has formed out West pushing moisture up into the Northern Plains. This high-pressure ridge is intense but will ease off into next week. Looking at the next 15 days there are only isolated storms popping up across the Midwest. There is no real organized rain system for all of it. Planting will progress and it looks like we will see only minor disruption. It looks like next week there will be a good chance to plant spring wheat as well. We are late planting but that can change quickly in the next 10 days.
Have a Safe Day!