- Today has been noteworthy by a lack of real news input. Slow planting in the US, market participants attending the bourse in Hamburg and forthcoming holidays in Europe combine to create an uninspiring market.
- In the US a crop tour of the Plains is reporting lower yields although this week’s crop condition report showed a 1% week on week decline in winter wheat crops rated good/excellent (to 33%) and a corresponding week on week increase of 1% in crops rated poor/very poor (to 34%). These compare with last year’s 33% (unchanged) and 35% respectively.
- Corn planting reached 19% vs. 6% last week, behind expectations but better than last year’s 5% and behind the five year average of 28%. Soybean planting, which has just started, has reached 3%.