Tuesday May 5, 2020

• Markets slightly lower again this morning
• Planting progress continues across the U.S. 
  • Corn planting passed the half way mark at now 51% complete 
    • ahead of 5 year average pace of 39% complete
  • Soybeans made a significant move to 23% complete
    • compared to average of 11% for this week 
  • Spring wheat planting reached 29% 
    • still trailing average pace of 43% complete
  • Winter wheat conditions ratings rebounded a point to 55% good/excellent 
    • still floating above 5 year average rating of 51% g/e
• Widespread frost risk still exists in the U.S. for later this week 
  • Overall unconcerned considering an abundance of supply and demand losses 
• Brazil’s safrinha corn crop continues to struggle with the lack of rain approaching 5-6 weeks without significant amounts 
  • rains are on the forecast but do not appear to be enough to break the drought 
• Tensions continue to rise between China and the U.S. over blame of the coronavirus pandemic – however purchases continue to be made by China of U.S. goods, with 13.9 million bu of soybeans being sold yesterday afternoon