Slow planting confirmed

Tough start to the week as some risk premium was taken out the grain complex. The fundamentals have not changed but a pullback was due and a negative start Sunday night spilled into the day session. We got some bullish news yesterday afternoon with confirmation of the slow planting progress. Corn planting is estimated at 14% done vs 33% on average and soybeans 8% done vs 13% on average. While rain and cooler than normal temperatures will keep progress slow this week, we expect the markets to be supported and work back towards last week’s levels. Watch yesterday’s lows of 7.90 and 16.35 for 1st support in the July contracts. NFC Grain Comments Options -5.3.22 (2)