USDA reports corn is nationally 27% planted, up 20% from last week and ahead of 12% last year. This is slightly above trade expectations.
Soybeans are 8% planted vs. 2% last week and a 5-year average of 4%.
Spring wheat is 14% planted vs. 7% last week and a 5-year average of 29%. Field reports indicate saturated soils from fall precipitation have delayed planting despite recent mild weather.
Winter wheat conditions declined again with good/excellent ratings falling 3% to 54%. Conditions remain significantly worse year over year in HRW states and significantly better than a year ago in SRW states. Freeze damage is showing up in HRW areas of OK, KS, and CO as well as on SRW and SWW in MI. Freeze damage will increase the moisture requirement needed to maintain trend yields and has likely taken the top end off of yield potential.
Forecasts are generally warmer and drier for the next 7 days in the WCB and the Northern Plains and cool and wet in the ECB.
Despite Russian exports reaching their quota on wheat exports, forecasts for beneficial rains in key areas of Russia and France pressured global wheat values today.