How much planting was done last week?

Overnight- Grains are higher with soybeans and wheat leading the way again.

Price action to end the week was not very friendly the bull camp.

It looked like the funds stopped buying after Tuesday.

Corn and wheat futures were lower on the week with the soybeans up 9 cents in July.

We thought traders might want to own futures going into the weekend, but Friday was soft trading across the board.

WCB planting progress looks to be moving along but the ECB is soaking wet with little progress likely.

Corn was 49% planted last week and if we are 62% or less planted on this afternoon’s report expect a bullish reaction. Closer to 65% or higher will bring sellers. Soybeans were 35% planted last week and if we see less than a 10% increase look for an extension of the rally.

Black Sea weather continues to support the wheat market.

Bottomline

Today’s planting progress will be the biggest news we get this week and will set the tone. If we are short planted vs estimates this week’s rains will be closely watched. On the other hand, if more planting was done than expected look for softer price action testing for support. NFC Grain Comments Options -new (53)

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