Tuesday April 26, 2022

• Markets up this morning with export sales reported to China, cool weather setting in across the Midwest as well as continued concern over the U.S. wheat crop 
• USDA weekly crop conditions and planting progress report came out yesterday afternoon with further declining wheat conditions fueling the wheat gains this morning
  • Winter wheat ratings fell this week from 30% to 27% good/excellent
  • Corn planting 7% planting – less than half the average pace of 15% planted – still plenty early but enough of a gap to keep premium in the corn price in the meantime
  • Soybeans 3% planted compared to average of 8% planted – too early in the planting progress to cause concern 
• Stats Canada released their estimated planted acres report for 2022
  • Total wheat 25 million acres – up 7% from last year
    • Winter wheat however expected to be down 13% from last year at 1.17 million acres 
  • Corn expected up 6.4% to 3.7 million acres
  • Soybeans up 0.7% to 5.3 million acres