Highlights
Some rain came into the forecast for Russia’s wheat crop which triggered profit-taking after the big gains last week. Expected rain amounts diminished as Monday turned into Tuesday.
As expected by the market, the nation’s corn crop is 27% in the ground and 5% ahead of the 5-year average.
Soybean planting progress is 18% complete versus the 5-year average of 10%.
The spring wheat crop is 34% complete versus the 5-year average of just 19%.
Sorghum is 19% planted, 1% behind the 5-year average.
Cotton crop is 15% planted, 1% ahead of the 5-year average.
Rice is 72% planted, way ahead of the 5-year pace of just 46% planted for this date.
Peanuts are 9% planted, 1% ahead of the 5-year average.
Sugar beets are 66% planted, more than double the normal pace of 32% as a result of a mild winter in the Red River Valley and dry spring.
The nation’s winter wheat crop is rated 49% good or excellent, down 1% from last week, but 21% better than a year ago.