On the Grains Yesterday’s planting progress showed that we are currently 97% planted on corn and 90% planted on soybeans, representing a 4% and 6% increase, respectively. The real question is, what happens to the 3% unplanted? The bulk of that is in Ohio, Kentucky, and Tennessee. Tennessee must get planted; we can’t have the distilleries running out of product—talk about riots. Will those acres be turned in as prevented-plant corn acres? Only time will tell. Yesterday, fund liquidation began in wheat and has since moved to corn. A major wire service is now predicting that the crop will be 50% silking by July 15th. While the math may come to that, it’s hard to believe when temperatures have been in the 50s at night—great sleeping weather but poor corn-growing weather. The forecast is for nationwide Growing Degree Days (GDD) to accumulate at a rate of 94-110% of normal. Good to excellent ratings increased 2% to 71% nationally, down slightly from last year’s 74%. Take Iowa (+12%), Minnesota (+3%), Missouri (+6%), and Wisconsin (+5%) out of the mix, it’s hard to find a state that grows meaningful corn acres that is better than last year. I would not get bullish…
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