CORN

• The USDA said 26% of the corn crop is planted (vs 14% last week and 26% average).
• Central Brazil is drying out and looks to remain mostly dry through the end of the month. However, their soil moisture may be enough to get through the dry pattern.
• Barge traffic on the upper Mississippi River has been halted because of high water levels.
• China is on May Day holiday until Thursday. As of Friday’s close, July corn on their Dalian exchange hit a contract low.

SOYBEANS

• The USDA said 19% of the soybean crop is planted (vs 9% last week and 11% average).
• NASS said soybean oil and soybean meal stocks (at the end of March) are down 7% from last year.
• On the Fats & Oils report, census crush for April was pegged at 198 mb.
• There still have not been any soybean or soybean meal deliveries against the May contract. This is an indicator of tight supplies.

WHEAT

• The USDA said 28% of the winter wheat crop is rated good to excellent (vs 26% last week and 27% last year).
• The USDA said 12% of the spring wheat crop is planted (vs 5% last week and 22% average).
• Despite some rains last week in the southern plains, Kansas winter wheat poor to very poor condition increased 2% from last week to 64%.
• The US Dollar Index is beginning to trend higher, and the Fed is anticipated to raise interest rates another 25 basis points at this week’s FOMC meeting.
• GASC in Egypt is said to be tendering for wheat. With the recent decline in price, it is possible that they purchase from the US but freight cost could be the deciding factor.

Author

Brandon Doherty