Headlines
- Planting Progress Speeds Along
- Weather Expected to Turn Hot and Dry
- Brazil FOB Prices Mixed Relative to US
- Brazil Truck Strike
USDA Planting Progress
- Corn was 81% planted vs 62% last week and 81% on the 5-year average
- Soybeans jumped 21% on the week hitting 56% and well above the 44% 5-year average
- Both Minnesota & South Dakota had big jumps in corn planting getting to 77% and 66% respectively, so the threat of a late planting is waning
- Early crop condition ratings in some states show a solid start to the crop. Illinois was rated at 88% good-to-excellent and Indiana at 83% with Missouri faring slightly worse with 71% rated good-to-excellent
Weather Models Point to Hot/Dry Conditions
Latest GFS weather model shows temps rising into the upper 80s/low 90s for much of the U.S. plains over the next 10 days.
Major portions of the grain belt from Iowa to the East should see more moderate temps in the 80s.
Major rain events stay mostly in the Southeast over the next 10 days.
Brazil Beans Weaken Relative to US
Brazil’s soybean prices continue to erode relative to U.S. soy export prices
Latest quotes show Brazil at an $11/MT discount relative to the US versus $7/MT discount mid last week.
However, in corn Brazil prices moved higher on Monday to be on par with US FOB values, after trading at a $5 discount last week.
Brazil Trucker Strike
Brazil truckers blocked major roadways in the largest grain state, Parana, to protest rising fuel costs.
Santos Port Authority says protests have slowed loading and unloading at export terminals.
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