Corn is up 9 and soybeans are down 4 to start the day.
Corn planting progress was reported at 80% complete vs 67% last week, and 78% a year ago. Corn emerged 41% vs 20% last week, and 40% a year ago. WI came in at 78% complete which is up 29% from last week. Soybeans planted was 61% vs 42% last week, and 51% a year ago. Soybeans emerged 20% vs 10% last week, and 16% a year ago. WI came in at 63% complete compared to 34% last week and 29% on average.
The USDA confirmed the sake of another 53.5 million bushels of new crop corn to China this morning as buyers continue to take advantage of the recent price break. This brings total new-crop corn purchases to China to roughly 320 million bushels. We have seen the focused buying of corn switch from old to new crop over the last couple weeks and I believe this trend will continue. What is currently unknown is whether or not these purchases are new or just the roll of old crop to new crop sales. If the later is the case, we could be in for a major board adjustment lower in the coming months.
The market will try to bounce today after hitting the skids since the crop report. This may take a few days to form a low as the US weather is against it.
Have a Safe Day!