Slow progress but what happens now is what’s important.

Overnight- Corn is higher with soybeans lower and wheat unchanged.

Crop progress showed 49% of corn was planted and 35 % of soybeans.

5-year averages are 54% and 34% respectively, so soybean planting is not behind average, and we could see more pressure on the soybean market short if we see more delays this week.

Conab bumped Brazil soybean production 1.16 MMT to 147.68 MMT vs USDA 154 MMT.

The pegged corn production 111.64 MMT vs 122 MMT for the USDA.

The wheat market has backed off overnight after setting new highs yesterday.

Russian and Ukrainian weather has been detrimental to production.

IKAR and Sovecon have lowered their production estimates and are in line with the USDA in the high 80’s MMT.

We have just seen China moisture deficits hit the news wire. It is the first mention we have seen so let’s keep a watchful eye on that situation.

Bottomline

The crop progress report looks to be more supportive of corn right now and somewhat bearish soybeans. We will be watching the wheat market as well with more weather news in the Black Sea and adding China in the mix could push it higher. A higher wheat market will help corn. NFC Grain Comments Options -new (49)