Corn: Up 12 cents
Soybeans: Up 26 cents
Good morning! Corn prices have now pushed to fresh 3-year highs!
Grains trading higher again this morning after a stronger day yesterday due to delayed planting and weather. The crop progress report yesterday showed the national corn harvest was reported at just 58% complete as of Sunday night, up from 49% last week and below 90% both last year and on average. The key “I” states are severely behind which causes much concern for trade. Soybean planting rose ten points to 29% done, down from 74% last year and the 66% 5-year average.
Weather remains a huge factor in the markets as the forecast seems to keep getting worse, especially for the Eastern corn belt.