Corn tested last week’s lows following yesterday’s crop progress report and closed mixed, firmer in the Dec and down a penny nearby. The lows are holding for now. Beans fell 4-5 cents. Wheat perked up in response to deteriorating crop conditions in key HRW states.
Talk is that bean and wheat acres are on the rise relative to March acreage intentions published by NASS but that the rapid start of planting, particularly in the WCB states, may have impeded producers’ ability to make last minute changes. If you’ve got to get rolling, it’s easier to stick to the plan.