Markets are mixed this morning with old corn up 2, new corn down 2 and soybeans up 3.
Corn planting progress rose from 14% to 26% this week, double last year’s pace and right in line with the five-year average; corn emergence doubled from 3% to 6%, up from 3% LY and 5% for the five-year average. Soybean planting jumped to 19%, up from 9% last week and 11% for the five-year average.
US weather presents the trade with enough pockets of dryness over the next ten days to allow normal planting pace. Even under a cool ECB outlook, the trade expects the ECB to proceed without delay. It’s the Dakotas that remain in question and more so North Dakota. Temperatures move to the above normal level in the 6–10-day period for this area and regular rains for the WCB.
Ukraine is reporting that negotiations over the “Grain Deal” will happen tomorrow with all parties involved, including Russia, Turkey, Ukraine, and the United Nations. Ukraine expects its grain exports in the 2023-24 marketing year to be half of this current year’s shipments due to ongoing problems of shipping through the “safe corridor” and due to rising restrictions for moving grain west through Eastern Europe.
We may be close to a bottom in the short term, but there is more downside potential as planting proceeds and demand disappears.
Have a Safe Day!