Tuesday November 23, 2021

• Markets lower this morning after an impressive day of gains yesterday
• South American corn and beans are off to a near ideal start as a huge crop of soys and corn is nearly wrapped up in North America – this combination was bound to bring some pressure to the market eventually – we will see how much damage it will do 
• Brazilian consult AgRural updated their planting process estimates
  • 86% of soybeans expected to be planted – 5% ahead of the same point last year
  • 91% of first crop corn (the smaller of Brazils two crops) planted – equal pace with last year
• U.S. crop progress
  • Corn 95% complete – ahead of the 92% 5 year average pace
  • Soybeans also 95% complete – just behind average pace of 96% 
  • Winter wheat planting 96% complete – just below average pace of 97%
    • Conditions ratings of the crop fell to 44% good/excellent compared to the 5 year average of 52% g/e