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Corn higher, watching planting weather

Soybeans were higher on commercial and technical buying, along with spillover from the outside markets. Demand is solid and U.S. beans are competitively priced against Brazil after recent currency declines. Weekly export inspections were bullish, but have slowed down with increased South American competition. The trade does expect at least some increase in U.S. acreage after the corn planting delays. As of Sunday, 53% of U.S. soybeans are planted, compared to the five year average of 52%, and 19% have emerged, compared to 21% on average. Soybean meal was up and bean oil was down on the adjustment of product spreads.

Corn was higher on commercial and technical buying. Planting this past weekend was delayed in some areas by weather with cool, wet conditions expected in parts of the region this week. The market is talking more about corn losing acres to beans with cash bids for new crop beans well above new crop corn. The USDA says 84% of U.S. corn is planted, compared to 85% typically this time of year, and 54% of corn has emerged, compared to 55% on average. Ethanol futures were lower.

The wheat complex was mixed with Chicago nearly unchanged, Kansas City down, and Minneapolis up. The supply side of the market is bearish, but recent lower trade in the dollar helps export competition, at least in theory. With the end of the marketing year rapidly approaching, weekly export inspections were neutral to bullish, but it may be too little, too late. For winter wheat, 52% of the crop is rated good to excellent, up 1% from last week, but 10% below last year, and 72% has headed, compared to 67% on average. For spring wheat, 90% is planted, compared to the five year average of 84%, and 62% has emerged, compared to 59% on average.

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