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On the Grains
Beans are soft but corn and wheat are firm in overnight trade. Wheat is bouncing back some after yesterday’s negative technical action. The weather outlook hasn’t changed a lot for planting progress. There’s a break at hand putting planters back into the fields in most of the Corn Belt but rains return Sunday that are likely to put the eastern Corn Belt even further behind when we see the next progress report after Monday’s close. Weekly ethanol production was above expectations and a 5 week high, keeping us on track to meet or beat USDA’s current corn for ethanol forecast.
The much lower than expected April crush data weighed on the soybean complex yesterday, ending a 7 month string of taking out prior records. While it cooled ideas that USDA’s current crush forecast might be too low, there’s enough lead built up that it’s not seriously threatened.

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