Morning Comments May 5, 2020

Soybean Field Sunshine

Opening calls:

Corn: 1 to 2 higher

Beans: 2 to 3 higher 

Good morning!

Grains trading slightly higher as equities and energies are rallying this morning with nearby crude now trading at a two week high. Yesterday’s crop progress report showed planting pace exceeding trade expectations. National corn planting progress nearly doubled in one week to 51% complete, three points ahead of the average trade estimate, and the fastest pace for this comparable date since 2015 when planting hit 55% on this same day. It stands as the third-fastest progress at this point since 2010. Soybean planting is 23% finished nationally. The weather for the corn belt this week remains cool and wet with rain in the forecast for early this week. 

We did see export sales of corn to Mexico and beans to China this morning. Traders will continue to watch domestic weather and planting progress as well as global demand. 

Have a good day!