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NW Indiana | Looks like Pennsylvania/Ohio lead the way on planting pace getting 21/20% planted for the week. Corn now slightly behind 5 year avg by 3% while soybeans still ahead by 4%. With another rain system early this week it is highly unlikely we get to 50% planted by the magical May 10th so the potential is there for the USDA to plug in a number below their highly optimistic trend.
The rally has started much earlier than 99% of people thought it would, now the question becomes does the rally end before the majority think or does it go much higher than most thought possible? The natometer seems very frustrated with the conditions but I'm not sensing much bullishness actual price. | |
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Corn 36% planted, beans 25%
