Last night’s planting progress showed corn 92% planted vs 90% for the five year average nationally. Wisconsin came in at 81% complete compared to 81% for the five year average. Corn condition ratings showed corn at 79% good to excellent, the highest rating since 2007. Soybeans were 77% planted compared to 62% for the five year average nationally.
We are seeing big setbacks in all commodities yesterday and this morning with some key reversals in the markets. The funds have reduced their long positions by 24,000 contracts in corn and 94,000 contracts in beans so far this month.
With the combination of weather forecasts, crop ratings and political news I would expect more selloffs heading into the month end.
The last couple days should be a reminder to all producers and traders that these markets are very volatile and the slightest change in weather, weather forecasts, news can move the pendulum very quickly. You need to be proactive selling when the opportunities are presented.
Have a Safe Day!