More world wheat concerns

Overnight- Wheat opened 20 cents higher and backed off. This pulled corn and soybean prices higher, but they all backed off and soybeans finished lower with corn unchanged and wheat up 10 cents.

IKAR lowered its Russian wheat estimate again to 81.5 MMT and EU Commission expects French wheat production to be down 9%.

We will need to see if wheat will continue to rally this week but so far the overall effect on corn has been modest at best.

Funds sold 50k corn in the last report but that information is a week old now so we can’t put a lot of stock into it.

Analysts are looking for 86% of the corn planting to be done and 70% of the soybeans.

Bottomline

The weather ended up being better than expected in most areas last week and this week’s early weather should be decent as well. There are areas struggling but not enough to support the market any longer. We will need more bad news from outside our borders in the short term unless planting progress was surprisingly slow last week. NFC Grain Comments Options -new (56)

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