CORN

• The USDA said the corn crop is 65% planted, vs 59% average and 49% last week.
• On Brazil’s Bovespa Exchange, July corn is near the lowest level in 2 years, indicating a good safrinha crop.
• North Dakota corn is only 5% planted, but a warmer and drier forecast this week should help that pace pick up.
• While CONAB’s estimate is 125.5 mmt of Brazilian corn production, the USDA is projecting a 130.0 mmt crop.

SOYBEANS

• The USDA said the soybean crop is 49% planted, vs 36% average and 35% last year.
• Brazil’s record soybean harvest is almost complete and if the US has a good growing season as well, there could be significant pressure on soybeans down the road.
• Old crop US soybeans supplies will remain limited through the summer, reflected in the premium of July over November.
• Competition from rapeseed oil and sunflower oil may be weighing on soybean oil.

WHEAT

• The USDA rated the winter wheat crop at 29% good to excellent, unchanged from last week, and up 2% from this time last year.
• The USDA said 40% of the spring wheat crop is planted vs 57% average and 24% last week.
• There still has not been any agreement on the Black Sea grain export deal, which will expire on the 18th unless a resolution is reached.
• The Kansas wheat crop is said to be rated 68% poor to very poor, and dismal conditions are likely to be confirmed by the Kansas wheat crop tour.

Author

Brandon Doherty