In the overnight session the grains traded higher with corn up 2 1/4 cents, soybeans up 8 1/2 cents and wheat up 4 1/2 cents going into this morning’s pause in trade. The U.S. dollar index has fallen nearly 3/4 of a percent and crude oil is 55 cents higher this morning.
Yesterday, crop progress showed that all planting for corn is nearly complete with 95 percent done as of May 31st. This is on par with the average of 94 percent complete during this time of the year and up from 92 percent complete last week. The condition of the corn crop remained unchanged from last week.
Soybean planting pace jumped up 10 percentage points this week to 71 percent complete which is on par with the four year average of 70 percent during this time period. Weather looks to provide additional planting opportunities through Thursday throughout the eastern grain belt. Precipitation in the northern plains is expected through Wednesday. Next week’s weather outlook favors drier weather throughout the majority of the U.S., but will bring significant rain the east coast.
Winter wheat good-to-excellent ratings fell by 1 percentage point across for the entire crop but some states were affected more by the rain than others. Texas in particular saw its wheat rated good to excellent slide to 5 percentage points to 51 percent. Kansas and Oklahoma remained unchanged on the week but Colorado fell 4 percentage points to 49 percent good to excellent.
