Corn is higher to start the day following yesterday afternoon’s Crop Progress report which saw progress slightly behind expectations. May corn has rallied by over 43 cents from its lows at the end of March as demand remains strong despite a lack of Chinese buying.
Yesterday’s Crop Progress report saw corn plantings at 4% which compares to 6% at this time a year ago and the 5-year average of 5% at this time. Much of the country is on the dry side which could cause delays.
Yesterday’s export inspections report saw corn inspection above analyst estimates at an impressive 1,829k tons compared to 1,613k the previous week and 1,365k tons the year before.
Soybeans are trading lower this morning as they are being led lower by both soybean meal and oil. May soybeans failed to close above the 200-day moving average yesterday and are also technically overbought. This combined with product weakness is adding pressure.
Yesterday, the USDA released the first progress report for soybean plantings. 2% of the crop is reported as planted which compares to 3% last year and the 5-year average of 2% at this time.
Yesterday’s export inspections saw soybean inspections at 546k tons which was in the range of trade expectations. It compared to 814k tons last week and 448k tons the year before.
All three wheat classes are trading lower to start the day with KC wheat leading the way lower. Pressure has come from forecasts showing rain next weekend for HRW wheat areas in need.
Yesterday’s Crop Progress report saw winter wheat conditions fall by another point to 47% good to excellent which compares to 55% a year ago at this time. 8% of the winter wheat crop is headed and 7% of the spring wheat crop is planted, at a steady pace on average.
Export inspections yesterday for wheat were higher than expected at 604k tons. This compares to 335k tons the previous week and 620k a year ago.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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