Corn is up 9 and soybeans are up 16 overnight as the markets rebounded from a slight selloff. The markets were all over the place yesterday but we were able to fill some gaps in corn and soybeans and wheat after the open. The higher limits and increase in margins pared back some positions as the risk and cost may be getting too high for many traders.
Last nights crop progress showed 46% of the corn planted compared to 17% last week and 36% on average. Soybean planting was 24% complete versus 8% last week and 11% on average. The US forecast has a lot of rain in it this morning. Most of the totals will be from the Central US on into the South. Rains fall West of the Dakota’s and none is seen in the Canadian Prairies. Planting progress will be slowed until later in the week with wet weather and the droughty conditions are lessening.
This forecast for South America runs out into May 20th. Both the shorter-term and long-term maps have no rain for Central and Eastern Brazil. This will mark week 8 with almost zero precip in the second crop corn area. The forecast is still bullish, as temps warm up too.
Have a Safe Day!