Higher markets to start the week with corn up 18, soybeans up 10 and wheat leading the charge up 60.
India will ban exports of wheat going forward. India usually grows a wheat crop of close to 100 mmts each year. Of this they have exported as much 8.2 mmt last year and were projected to do so again. India is only a factor in exports every few years and they mostly edge the line of deficits. There have only been about 6 years in the last 20 that India exported more than 3 mmt’s of wheat.
Ukraine spring grain planting was reported as reaching 70% last week but farmers are starting to suspend activities due to shortages of resources, such as fuel and fertilizer, and a lack of overall rain in western regions.
US corn planting is expected to come it at 42% complete this afternoon. ( I personally think we are closer to 60% complete based on what I have seen and heard locally and from producers in IA and IL. ) Planting should make a substantial gain this week as mostly scattered showers are forecast. We could be off to a better start than most traders know as May planted corn can yield well. (Locally we have seen corn out of the ground in 5 days thanks to ideal conditions.)
It looks to me like we may be hitting the top this week what the market can do. Many “experts” are calling for corn to move into the 8-dollar trading range. This appears to be the ceiling that we cant break thru without some major summer weather issue.
Have a Safe Day!