- After the volatility of yesterday’s Chicago price action it appears today has been something of an anticlimax. There has been little follow through and new crop prices ended lower.
- The latest crop condition and progress report showed little in the way of surprise as far as winter wheat condition is concerned, 32% good/excellent an improvement of 1% on last week, and 43% poor/very poor down 1% on last week. As is so often the case, the devil is in the detail, Texas conditions are continuing to deteriorate yet again proving to be something of a drag on overall US output.
- Of greater focus in the report was the planting progress and corn showed another positive week with 91% of the projected crop now in the ground (five year average 95%) an improvement on last week’s 86%. Soybean plantings reached 57% (five year average 74%) up from 44% last week. Spring wheat planting was reported to be 80%, only 1% up from last week and behind the five year level of 92%.