Lack of selling pressure as we move to 1st notice day for May contracts

Corn finished slightly lower while soybeans finished higher. We have seen major selling pressure going into dates where basis contracts had to be priced the last 2 rolls for December and March contracts, especially in corn. We did not see that today. Granted we would have expected basis to strengthen this time of year as farmers are more worried about planting than marketing, but this is a good sign for short-term strength in the markets. Corn usage and soybean crush remain solid and will help pulldown the current old crop carryouts going forward.

Today’s crop progress report showed: Corn 27% planted vs 22% avg., Soybeans 18% vs 10% avg., Spring Wheat 34% planted vs 19% avg., and Winter Wheat condition 49% good/excellent vs 50% last week. Nothing here to get the new crop markets bullish. We will have some planting delays this week and possibly next, which could provide some support for the market the rest of the week. Let’s see how the front end of the market trades tomorrow for some signs of underlying support. NFC Grain Afternoon Comments. (41)

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