Tuesday May 10, 2022

• Markets rebounding slightly this morning after the red start to the week yesterday looking at a beautiful stretch of planting weather through the end of this week
• Crop progress continued to be slow as expected yesterday afternoon – however the markets seem to be looking past the slow progress last week and more focusing on what is expected to be a huge jump on next Mondays report 
• Brazil’s AgRural lowered their production estimate for the safrinha crop by 5 MMT to 80.9 MMT – making the total corn production 112.3 MMT
• U.S. Crop progress and conditions report
  • Corn now 22% planted compared to 5 year average pace (5YA) of 50% completed
  • Soybeans now 12% done – half the 5YA of 24% completed
  • Winter wheat conditions up slightly to 29% good/excellent compared to 5YA of 50% g/e