In the overnight session corn and wheat traded lower by 4 cents apiece, while soybeans was able to continue showing relative strength by gaining 2 1/4 cents.
Crop progress showed that wheat crops rated good-to-excellent improved by 1 percent on Monday after two weeks of unchanged ratings. The precipitation over the last month has been beneficial for the wheat crop and the outlook favorable for continued moisture over the next two weeks.
Corn planting jumped 36 percentage points on Monday after a week of good weather. With 55 percent of the corn crop now planted, we are well ahead of the four year average of 38 percent planted. Soybeans are also ahead of pace with 13 percent planted across the 18 states that make up 92 percent of acreage. This is ahead of the four year average of 9 percent planted at this time of the year. Spring wheat is also ahead of pace with 75 percent of the crop planted, up 20 points from last week and well ahead of the 40 percent planted seen in the 4 year average.
Weather this week is expected to get warmer across the eastern half of the U.S. with precipitation in the Southern and Central Plains continuing to provide relief to the winter wheat crop. Expect to see corn and soybean planting delays this week as the western and central part of the grain belt are expected to receive above average rain fall.
Yesterday corn export inspections beat the average analysts guess by recording 1.25 million metric tons compared to expectations which ranged from 800 thousand metric tons to 1.25 million metric tons. Soybeans disappointed by only showing 100 thousand metric tons which below the range of analyst guesses. Wheat met expectations with 565 thousand metric tons inspected for export which was on par with last week’s numbers.