4/12/2022

It’s that time of year when the market begins paying close attention to U.S. planting progress.  We have very little room for error with this year's crop and the weekly report showed that U.S. corn planting did not advance from the previous week's report.  Corn planting progress in the U.S. remained at 2% complete (4% year ago, 3% avg.)  Spring wheat planting was seen at 6% complete (3% week prior, 10% year ago, 5% avg).  The winter wheat condition was rated at 32% good/excellent, a slight improvement but well behind last year's 53% g/e on the same week.  There are large amounts of precipitation forecasted for the winter wheat areas this week.  The USDA does not report planting progress for soybeans this early.  Weather outlooks for 10-14 days still show below average temperatures but with today's standard equipment including 300+ horsepower tractors taking 60–90-foot planter passes near 10 mph; the crop will get planted fast once it's fit to go.  It's always "buy the rumor, sell the fact."  The U.S. Department of Labor said the Consumer Price Index jumped 8.5% in March from 12 months earlier.  This largest year-over-year increase since 1981.  Inflation also rose 1.2% February to March. 

Highest close on a July corn contract since September of 2012.