Looking for big planting progress this week

Corn and soybeans were lower again on Monday as many markets looked to be in risk off mode. In the July contracts, corn has lost 31.5 cents so far in the month of May and soybeans have dropped 96.25 cents. Yesterday’s planting progress had corn at 22% done and soybeans at 12% both well below average and on the slowest pace since 2013. Weather has turned and look for both those numbers to better than double on next week’s report. Major concern still lies in the Northern Plains as more rain is forecasted this week. AgRural has cut its Brazilian corn crop by 5 MMT to 112.3MMT as that crop moves toward the finish line. We will see what the USDA has to say about SA production on Thursday and we expect them to trim some production as well. Today we will be watching yesterday’s lows for first support and that is 7.69 and 15.78 in July. NFC Grain Comments Options -5.10.22 (1)