Corn futures are lower to start the week as the next two weeks look mostly dry across the Corn Belt, encouraging rapid planting progress.
Traders expect Monday afternoon’s USDA crop progress report to show corn planting at 41% to 45% complete.
Despite the weaker price action, corn continues to find support from strong demand, which the USDA may need to reflect by raising demand estimates in the May 12th WASDE report.
Soybeans are slightly lower to start the week, with pressure from weaker energy prices and favorable Midwest weather conditions.
OPEC recently announced an increase in crude oil production. Crude oil prices have been declining since the start of the year and are now at $57 per barrel — their lowest level since early 2021.
In Monday’s crop progress report, traders are expecting U.S. soybean planting to be 29% to 33% complete. If current weather forecasts hold, planting could finish at a record-fast pace.
Wheat futures started the week lower, following pressure from declines in corn and soybean futures.
Spring wheat planting is estimated to be 51% to 54% complete as of Sunday.
Winter wheat condition ratings are expected to improve slightly, with more acres rated good to excellent.
Recent rains across the Plains have been beneficial, though additional rainfall forecast for the Southern Plains this week raises flooding concerns, particularly in saturated areas.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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