04/25/2017 8:29:45 AM
Corn traded mostly lower overnight and comes into the biscuit break 1-3 cents lower.
CN17 has been able to hold $3.63 support; a violation of that level could open the door to $3.60 ½.
17% of the US corn crop was planted by 4/23 according to the USDA, more than had been expected by the trade; 5 yr average is 18%. Most states are running at or ahead of normal with Minnesota, Iowa and Kansas the notable exceptions.
The Western Corn Belt is beginning to be impacted by rains already this morning which will limit additional corn planting through early May. The Eastern Corn Belt will have an additional 1-2 days of fieldwork but will then also be knocked out. The heaviest rains are expected in Missouri and Illinois where localized flooding will be possible. After catching up to normal in the last few days, the US planting pace is likely to fall behind again in the next 10-14. Most of this is being traded now but if delays continue, expect support in the grains.
Brazil has received rain in recent days which should maintain the good condition of their safrinha corn crop.
US corn basis was steady-firmer on Monday with the PNW & Gulf bids both firming a penny. Some Midwest locations followed suit, up 1-2 cents.
The US Senate confirmed former Georgia governor, Sonny Perdue as US Agricultural Secretary!