Markets are trading mixed this morning with trade optimism supporting the beans while corn is leaking lower on better than expected planting progress. Noteworthy news is limited as market participants wait for more trade developments as the U.S. growing season gets underway.

Managed funds to start the week were estimated as net sellers of 2k corn to drop the net long to 125k, net sellers of 3k beans to drop the net long to 24k, and net sellers of 4k wheat to push the net short out to 97k.

Weekly crop progress showed corn 12% planted (10 expected), beans 8% planted (7 expected), spring wheat 17% planted (13 expected), and winter wheat rated 45% g/e (47 expected).

The U.S.$ is trading with small gains this morning after having dropped to the lowest level since 2022 to start the week.

Outside markets have gold hitting another new all-time high, energy markets seeing a small bounce, and equity markets bouncing after trading sharply lower on Monday.

ADM said they would close their crush plant in Kershaw, SC as part of a cost-cutting plan. The plant that crushes 50,000 bushels a day is one of their smallest in the US.

Weekly export inspections on Monday were solid for corn and wheat with movement of both commodities exceeding expectations. Soybean inspections were typical for this time of year and were within the range of expectations.

Morocco said their grain harvest would be up 41% this growing season to 4.4 mmt on improved rainfall.

EU soybean imports for the 2024/25 marketing year are running 8% ahead of a year ago at 10.95 mmt.

Corn posted a higher high and higher low to start the week, but prices finished with small losses in a consolidative trade. Indicators have neutralized and are balanced after recent trading with support for July at 4.80 and resistance 4.98.

Beans posted a lower high, lower low, and lower close to start the week with prices pulling back within their recent range. The market is balanced after recent trade with directional indicators neutral. Support for July is 10.40 and resistance 10.55.

Corn is trading with small losses following a bigger planting progress number than expected on the crop progress report. The outlook is unchanged with tightness in old crop supplies viewed as supportive while expectations for big U.S. corn area are bearish with the crop going in quickly so far. Producers should look at option strategies to protect unsold new crop bushels.

Beans started the week under pressure, but in what has become a bit of a pattern, is seeing a bounce overnight. If corn planting is going quickly, it could mean that U.S. bean area is at risk of getting smaller as new crop bean profitability is still non-existent. Old crop beans are expected to struggle due to record global supplies while a tighter new crop outlook in the U.S. is expected to provide better selling opportunities down the road for new crop. Use option strategies to protect the downside on old crop beans.

Corn down 2-5

Beans up 2-5