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Corn Up 2 as of 7:45
July corn closed down 14 ¼ cents for the week last week. Late Monday USDA Crop Progress Report put US corn planting at 6% up 3% from the previous week but behind 6% from average. Ethanol production numbers out Wednesday put a 7,000 barrel per day increase in ethanol production last week to 993k barrels/ day, while ethanol stock numbers increased .1 million barrels to 23.0 million barrels. Export sales from the week before were reported at 29.8 million bushels and 55.4 million bushels, weighing a little on the light side.
Beans Up 7 as of 7:45
July beans closed the week last week down 5 ½ cents. Soybean export sales last week were reported at 7.8 million bushels, very light and the 2nd lowest sales all year. Soybean harvest is currently taking place in Argentina, and should continue thanks to a drier seven day forecast. Moderate showers are expected in Southern Brazil, but the harvest is already close to the end.
Wheat Minneapolis Unchanged and Kansas city Up 3 as of 7:45
July Minneapolis Spring wheat closed down 3 ¼ cents for the week. While July Kansas City Winter Wheat closed down 22 cents .Planting Progress for US Spring was reported to be at 13% last week up 8% from the previous week but behind 12% from average. South Dakota SW planting was reported at 52% completed vs 25% the week before.