Good morning,
Markets are softer to open the day with corn down 3 and soybeans down 10.
Planting progress moved ahead of the rains and traders are saying it was better than expected by about 3 points. Corn planting progress advanced from 49% to an even 70% complete as of Sunday night, just below the 71% five-year average pace. Emergence of rose from 23% to 40% this week, a point ahead of average.
Soybean planting advanced from 35% to 52% complete which is ahead of the 49% 5 year average. Emergence went from 16% to 26%, ahead of the 21% 5 year average.
Rains spanned across the central/northern corn belt over the past 24 hours, heaviest from NE through IA into southern WI, and that system remains in the northern belt through today. Extended maps remain on the wet side of normal but finally start to push those heavy rains out to the southeast, with drier weather moving in from the northwest by the 11-15 day in particular. Temps remain above-normal right into early June.
There are plenty of weather problems around the world so I don’t think the set back in the markets goes much further. The maps don’t show a significant change in the weather yet, but wet weather markets are hard to get moving. We may have to get closer to the prevent plant date to see if there is a story.
Have a safe day!
Garry Gard
920-348-6844
