CORN

• Corn futures are trading lower at midday, pressured by yesterday’s Crop Progress report which showed corn planting in the US at 12% complete, which is ahead of last year’s pace and the 5-year average.
• Yesterday’s export inspections for corn were strong, coming in at 1.703 mmt, which compares to 1.661 mmt a year ago. Top destinations were Mexico, Japan, and South Korea.
• Precipitation is expected to work its way through the Plains and Western corn belt over the next week limiting drought concerns as Spring planting progresses.

SOYBEANS

• Soybean prices continue to trade higher at midday, following the rebound in the macro market.
• Yesterday’s Crop Progress report showed soybean planting in the US at 8% complete, up 1% from a year ago and 3% higher than the 5-year average.
• China could soon start to feel the pressure of starting negotiation talks with the US as it is expected that Vietnam, Japan, and India will have trade deals done.

WHEAT

• Wheat prices remain lower at midday on faster planting pace and widespread moisture chances over the next week.
• Yesterday’s Crop Progress report showed spring wheat plantings at 17% complete, up 10% from last week and 5% from the 5-year average. Winter wheat ratings were seen slipping 2% to 45% good-to-excellent.
• SovEcon has raised their Russian wheat export estimate for the month of April from 1.90 mmt to 2.0 mmt.

Author

Tanner Wilson