Tuesday May 25, 2021

• Markets continue to slip this morning as planting is winding down across the U.S. largely in good condition
  • We are seeing over the last two weeks some of the “risk premium” come out of the market – early this spring we knew the U.S. was going to be tight in stocks – which is still true. We needed this year to be relatively perfect for the crops and any deviation from that would be cause for concern – now that the planting portion of the year is all but wrapped up and there were no major concerns and it did actually start the crop year off relatively perfectly the market is feeling a bit more at ease and has more confidence in the fact that we will get a good crop to help the U.S. get out of their tightness
• U.S. Crop Progress and Conditions report
  • Corn planting now 90% complete – with 64% emergence
  • Soybean planting 75% complete – with 41% emergence
  • Winter Wheat conditions ratings were down a point this week to 47% good/excellent