Planting delays no longer an issue for the market

Overnight- Wheat is lower while corn and soybeans trading higher.

Planting progress is close to historical averages, so any risk premium associated with possible planting delays has come out of the market.

A lot of acres were planted in the last two weeks with wet forecasts for those weeks.

Now that does mean acres were planted in suboptimal conditions and we think that has taken some of the top end off yield potential.

This will help both balance sheets but especially corn with lower acres and better demand than soybeans.

Weather in the Black Sea is still negative, and we expect more production downgrades that will give wheat at least one more rally to hedge.

Bottomline

We will keep an eye on support levels of 4.74 & 11.90 in the new crop contracts. We are looking for some value buyers to come in near those levels but a close below will signal more selling pressure to end the week. NFC Grain Comments Options -new (58)