Corn: 5 to 6 lower
Beans: 2 to 3 lower
Corn and soybeans are still lingering near recent move lows despite ongoing Black Sea export issues; better weather is on the horizon for some major global wheat and grain producers and U.S. spring progress is rolling along in spite of low prices. Some negative factors keeping the lid on the corn market are the continued negativity in the energy markets, negative margins in the livestock industries, and near-normal planting conditions we have seen so far. Funds are estimated to be net short more than 161,000 contracts as of last Friday. We will see the planting progress numbers out today, with expectations running relatively high for Iowa and some other parts of the Midwest.
USDA reported a sale of 136,000 tons of U.S. soybeans to China on Friday, the third day in a row that China purchased beans from the U.S., totaling 606,000 tons but the market seemed to ignore that good news. The good planting conditions are keeping any rallies limited. It is estimated that US bean planting progress is about 7-9% completed but we will see the official planting progress today.
Rains were heaviest in the eastern and southeastern corn belt over the weekend, scattered in both the north and south this morning; more widespread action moves from west to east tonight through Wednesday, heaviest again in the ECB. More rains look likely next week into the 6-10 day, drier for the 11-15 day. Temperatures are generally trending cooler heading into mid-May. The forecast for Brazil the next 10 days is looking dryer increasing their concerns about their Safrinha crop