MARKET COMMENTARY

Opening Calls:

Corn down 3

Beans steady to -1

Good morning!

The markets are mixed to lower as trade resumes after the 3 day weekend. Traders are still trying to dissect the damage from wet conditions in the Eastern Corn Belt vs. favorable conditions in the Western Corn Belt. They will also be closely watching for more signs that export demand is shifting towards South America.

The poor close on Friday, along with a little better weather forecast is putting some downward pressure on bean prices this morning. Beans continue toward very oversold, and it would not take much for the momentum indicators to turn higher. What happens this week will largely depend on this afternoon’s planting progress report and the weather forecast, but the fundamental reality of large world supplies and political turmoil is not supportive for bean prices.

Today’s first weekly Crop Progress report is expected to rate the corn crop near 68% good-to-excellent, which compares to 72% last year. The planting progress is expected to come in between 88-90%, vs. the 5 year average of 93%. For the beans, the trade expects 64% to 66% of the beans have been planting, vs. the 5 year average of 68%.

Have a great day!