Corn futures finished lower on Monday with improved planting weather weighing heavily on the market. Locally we have people in the fields planting today. Current weather forecasts indicate drier conditions over the next 10 days, with some rain in the eastern areas. The USDA reported corn plantings nation wide at 33 percent, slightly behind estimates of 35 to 40 percent and the 5 year average of 50 percent.
Soybean futures rose to a seven month high today, driven by tight stocks in the U.S. and technicals that are bringing in a fresh round of fund buying. Crude oil provided strength in oilseed's closing up over $1.50 a barrel. USDA is reporting soybean plantings at 6% complete vs. 11% 5-year average.
Chris Spurlock
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