Planting progress in line last week but delays this week

Overnight- Corn, soybeans and wheat futures all trading lower.

Crop progress for last week had planting right in line with expectations and a little better than average.

Today is first notice day for May futures contracts. There were big deliveries in Soyoil but May corn deliveries were nil. The export corridor looks to be short bought, and farmers are not willing to sell at these levels so we will see how hard the May corn gets squeezed to the upside vs the July contract.

Heavy rains will be causing delays this week and possibly next but too early for a delayed planting rally.

The White House may release the revised GREET model as early as today so we can find out if ethanol has a chance to cash in on the 45Z tax credit.

Bottomline

We have found some weakness overnight so let’s see how the market reacts to support levels of 4.45 in July corn and 11.69 in July soybeans. Rain delays are not bullish yet but should keep the sellers from pushing prices much lower. NFC Grain Afternoon Comments. (41)

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