Grain News – Turn-Around-Tuesday
Markets are softer to start Turn-Around-Tuesday. The USDA released their weekly crop progress report on Monday afternoon. US corn planting is 92% complete vs 83% last week and 100% last year. US soybean planting is 77% complete vs 60% last week and 96% last year at this time. The US corn crop is said to be 59% good to excellent compared to last year when 78% was g/e.
The river system has been closed for much of the spring north of St. Louis, but all but two locks on the upper Mississippi River have reopened. Corn basis firmed slightly at ports and river terminals, which is a good sign that the market thinks the river system will start moving again.
US winter wheat harvest is 8% vs 25% last year at this time. Winter wheat conditions are 59% g/e vs 39% last year. The market seems to be moving lower as the market waits for harvest to pick up, although there are rains for the plains and the Midwest.
In trade news, Trump tweeted today that he had a conversation with Xi that was positive for negotiations. That should bring some life to the bean market today after trading lower in the overnight session.