Markets are trading higher this morning with corn and wheat catching a nice bid while beans are trading near unchanged after yesterday’s planting progress exceeded expectations.

Managed funds were estimated as net buyers of 10k corn to start the week to reduce the net short to 82k, net buyers of 2k beans to push the net long to 24k, and net buyers of 2k wheat to reduce the net short to 121k.

Crop progress showed corn planting 78% (79 expected), bean planting 66% (65 expected), wheat rated 52% g/e (54 expected), and spring wheat planted 82% (80 expected).

The Buenos Aires grains exchange said Argentina could suffer “significant losses” due to recent heavy storms.

China imports of Brazilian beans during the month of April were down 22.2% from the prior year due to slow harvest and logistics issues in Brazil.

The Russian wheat region of Rostov declared an emergency after frosts hurt their crops this spring.

Key wheat growing areas in China are currently dealing with a heat wave with temps exceeding 104 degrees in some places.

Corn traded an inside day to start the week with the market finishing higher. The market is seeing follow-through buying this morning with plenty of room to bounce as the market corrects from oversold. Support for July is 4.40 and resistance 4.60.

Beans posted a lower low and lower high to start the week, but recovered from intraday lows to finish with a small gain. The market tested support below 10.50 overnight but has been able to recover those losses this morning. The market is balanced near the middle of the range that we’ve seen the last several months. Support is 10.40 and resistance 10.60.

Corn is trading with gains again this morning as funds have paused selling as the focus shifts to weather during the U.S. growing season. We already saw a seasonal planting progress break with buyers now expected to emerge on pull-backs until more is known about the U.S. growing season. Producers can look at re-ownership strategies after the recent drop.

Beans are struggling to keep pace with the corn and wheat markets this morning as better than expected planting progress is limiting gains. Beans have the weakest fundamental outlook from current price levels as global supplies are forecast record large with uncertainty for the outlook for U.S. renewable diesel industry. Producers should look at put strategies to establish floors.

Corn up 5-6

Beans up 1