Planting progress is ahead of average

Corn and soybeans are weaker overnight as planting progress and weather have been mostly cooperative. We had a nice bounce in price yesterday but need to see follow thru above Friday’s high for starters. Corn is 65% planted while soybeans are 59% done both above the 5-year average. North Dakota is the only state really struggling while Ohio is a little slow with corn planting and Wisconsin is slow as well. We will have to watch these states going forward to see if there is any acreage loss due to Prevent Plant. The grain corridor expires on Thursday and Turkey’s Presidential race will go to a runoff. We will see if Russia extents a few weeks to see how the election results come in. For today, we will watch 5.86 & 13.84 for support and 5.99 & 14.10 as resistance. NFC Grain Comments Options -5.16.23

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