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.
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.
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.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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