Corn is currently up three after yesterday’s planting progress report came in ahead of expectations at 39% completed. This still comes in behind the five year average of 44%. Soybean progress is right on track at 15% as well.
Brazil’s second crop will be expected to drop after a reduction in planted acres, also drought in key producing areas. Beyond this global news, Trump will be announcing plans for the Iran Deal today. Watch for impact of these global events in coming days.
• The USDA will release its May crop production report on Thursday May 10th. This will be the first look at new crop balance sheets for wheat, corn and soybeans.
• Dryness continues in Southern Brazil but there is some rain forecasted in the 6-15 day forecasts.
Have a Great Day!