What will planting progress say this afternoon?
This may be the last important planting progress report as we look to see what was accomplished in the Northern Plains for corn planting. The weekend rains may have shut the door on anymore corn planting in that area so if we see some good numbers on corn planting look for some selling pressure moving forward as we move toward softer seasonals in June. Soybeans remain surprisingly strong as one would expect them to be scoring extra acres which makes us suspect that that our carry in is lower than currently estimated or/and the new crop acres were less than intentions that will create a much tighter balance sheet. On the international front, the EU is putting more sanctions on Russian Oil which has crude 3.3% higher this morning. Today watch 7.61 & 17.05 for support in July contracts. NFC Grain Comments Options -5.31.22 (1)