As planting progress plods along, we also are dealing with the issue of how much damage occurred to the Kansas crop from the snowstorm the last weekend in April.
It was a big day on Monday for grains, as the heavy snow in northwest Kansas over the weekend likely damaged boot stage or later wheat by mashing it down to the ground.
Winter wheat is well ahead of normal progress in percent headed, and with winter wheat vulnerable to freeze damage, a blast of cold weather is forecast in the coming week as far south as Texas.
Surprisingly, planting progress has fallen behind normal this spring in spite of some relatively warm temperatures and forecasts for the next two weeks aren't stellar.
A third of April has flown by with very little planting progress. What's next?
Bean futures have now lost all the gains made since October, but corn is holding up a little better.
The big question this year, of course, is if farmers intend to plant more soybeans and less corn. Or, in the end, will corn once again be king?
Deviations from estimated USDA report numbers in many private estimates are significant.
With the current negative market tone, sellers need to practice patience.
We could have another record- or near-record-large crop this year (as we have the past three years in corn and soybeans), or we could have a below-normal crop – or even a drought!