May 29, 2024

Corn and soybeans down firmly for the second day in a row with a shift in the forecast that will likely provide an opportunity to clean up any acres that are left to plant in the eastern corn belt.  Also adding to the pressure in corn and beans was a weekly crop progress report showing some sizable leaps in planting completions which bring us ahead of the 5-year averages for this week.  Corn was reported at 83% planted, right in line with the trade estimate and up from 70% last week.  Soybean plantings came in at 68% complete, above the trade guess at 66% and up from 52% complete the previous week.  There are some various reports of re-plant happening and potential for some PP acres but nothing appears to be widespread or substantial at the moment.  We are also starting to see some year-over-year increases in Ukraine grain exports.  More grain available globally isn't helpful, especially after considering the U.S. export market is already suffering from a lack of demand and new crop sales have been slow to book.  We still expect to see one more good pop in the corn market over the next 30 days leading up to the planted acres report the end of June.

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