Corn down 2 to 3
Beans down 5 to 6
Markets on the overnight are lower in anticipation of today’s planting progress report and tomorrow’s WASDE report. Favorable weather last week has the trade expecting to see 82% to 84% of the corn crop planted and 62% to 67% of the beans done. Expectations for tomorrow’s WASDE report are that any cuts in productions will be offset by imports and reduced demand.
Along with these two reports the trade is also focusing on the following. The first crop condition rating will come out today with the market speculating that less than half will be rated good to excellent. The long term weather forecast shows seasonal precipitation but cooler than normal temperatures. While the trade has not been focused on heat units, we are fast approaching the timeframe when these will start to impact the market. Prevent plant acres have narrowed to 6 to 9 million acres with the recent weather allowing progress to be made.
Going forward we are still in a weather market and the trade is attempting to factor in yield loss, and acres. This combined with the above mentioned factors will keep the market volatile for the near future. Offers are the best way to play this type of market as you do not have to be watching the market throughout the day and you can potentially take advantage of short upswings. If you do not have any offers in, call your Grain Marketing Advisor and they can assist you.