Worst winter wheat rating since 1989

Grains are higher overnight on extremely low winter wheat ratings and slow planting progress. We have Brazil dealing with extreme dry conditions affecting 33% of the second crop corn as they try to bring it home. Planting progress dropped the winter wheat rating 3% to 27% GTE the lowest rating in over 30 years. This drove prices higher overnight across the board especially when you add the slow planting season so far. Look for the next 2 to 3 crop progress reports to be watched closely. Export action for soybeans remains strong and with today’s 265k tons reported this week’s total is already 799k tons. Look for firm action to start the day and watch yesterday’s closing prices for 1st support. In July that is 798 in corn and 1675 in soybeans. NFC Grain Comments 4.26.22 (1)