Weaker markets to start the week with corn down 14 and soybeans down 32.
The Fed is meeting this week and they will be raising interest rates again. The rise is expected to be at least .5 points. Most commodity, metals and energies are lower off the rate hike.
Crop progress is expected to be in the 18-20% completed percentage for corn plantings and 15-17% for soybeans. Spring wheat should be in the 20% range as slow planting has affected progress. Overall, we are about half of what we had planted on this date last year. Some are saying Hard wheat ratings will be lower, but at some point, they have to start heading higher as it has been raining.
We are trading lower ahead of the Fed meeting, but there isn’t anything bearish going on here today. Crop planting will be difficult, and the Ukraine gets worse by the day. These stories have been in the market and will keep it supported. All markets are high and look to stay that way until something bigger changes. A switch to warmer and drier on the models would set up a larger correction if this crop can get planted.
Have a safe day!