Corn mixed overnight on modest volume. Soybeans on the positive side of
unchanged trading as much as 15 1⁄2¢ higher. Soybean planting pace near 5%
behind trade guess helping overnight price action. Soybeans also showing decent
overnight volume totals.
CN21 trading off 2 1⁄2¢ at 0600 in a 9 1⁄4¢ high to low range. SN21 now 10¢ higher at $15.32 3⁄4. Soybean high made in the first couple hours of overnight trade. Slipping off that since but rebuilding as the sun comes up. Soybean oil a cent higher.
Dalian corn futures lower for the second straight day and trending lower.
Dow futures up 93 points this morning at 34,445. Crude off 12¢ at $65.93. US $ Index showing a modest decline this morning.
Planting progress showed 90% of the corn in the ground. Up from 80% a week ago and the 5-year average for this date of 80% also. Will take a quick look at major states progress and the deviation from ave shortly.
Soybean planting at 75% was 5% behind the trade guess but still up 14% wk/wk and 21% ahead of the 5-year ave pace.
SXSF posting a carry overnight and this morning.
Weekly corn export inspections showed 68 million bushels of corn leave the country with China taking nearly half. Corn inspections at a pace that will exceed current USDA estimate.
Safras & Mercado forecast Brazil’s 20/21 soybean crop at 137.19 MMT, up from earlier forecasts of 134.1 MMT.
Morning weather headlines - U.S. corn/soybean planting remain ahead of 5-year average. Dry this week, but rain for southern safrinha areas next week. More rain expected for Western Australia wheat areas.
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