Corn: Up 2
Corn saw some positive movement with carryover support from last week. July contracts were up 2 with Dec corn up 2 1/4. It been a sideways market for some time but we are seeing it hold support around $3.65 and resistance at $3.75. With today’s planting progress report, today we should see corn around the 80-85% complete. Weather seems to be mixed as WCB will see some drier conditions but the east may see with more wet weather. The new weather situation that may come to play is warm weather. Export inspections out this morning as well.
Soybeans: Up 1 ¾
Beans complex is starting to re-capture some loses from last Thursday’s meltdown with political crisis in Brazil. July was up 1 ¾ and Nov say a 2 ½ bounce. The Brazil situation has eased some but still may see some follow through. Brazilin farmers stopped selling after central banks step in to firm the Real. Progress report should show we are about half done with soybean planting.
Wheat: Minny; Up 2 3/4, KC UP 3
Wheat complex was a follower of the row crop on the overnight, With KC up 3 and Minny up 2 3/4. We saw some additional support coming from ideas of lower production this year. Rumor is the Canadian’s are off to a slow start with planting due to wetter conditions. We also may see some conditions decline in WW from the wet and cool weather some areas have been experiencing.