Corn: As of 8:00- oc 6 lower, nc 11 lower
Technical selling pressured corn lower yesterday as bean/corn spreading was prevalent. Weekly planting progress out at 91% nationally vs. 86% lw and the 5 year average of 95%. This leaving 8.75mn of unplanted acres yet. This next week’s weather will be critical. First week of condition reporting had corn conditions at 63% g/e vs. 72% ly. July corn resistance at 6.70 at 6.76 with support at 6.32, Dec at 5.70 with support at 5.12.
Soybeans: As of 8:00- oc 13 lower, nc 19 lower
Soybeans have double digit gains as heavy spreading against corn was noted. With the August contract putting in the newest high since last Sep. Planting progress at 57% vs. 44% lw and the 5 yr average of 74%. No conditions to report for soybeans yet this week. For the morning we look to be giving back much of yesterday’s gains. For Aug beans we resistance at 14.61 if we break that it could open us up to a move to Sep highs of 15.70 with support at 14.00. Nov resistance at 13.50 and support at 13.00. Stochastics have turned to as sell signal but the my other 2 have yet to issue.
Wheat: As of 8:00- Spring 1 lower, Winter 6 lower
Spring wheat planting progress struggled last week only making 1% progress nationally to 64% and 2% in ND as they remain wet. Talk of possibly 2mln acres of pp in ND. Winter wheat conditions gained a % this week to 32% g/e, 52% ly and the 5 year average of 48.6%.