Turnaround Tuesday. Corn, wheat, and soybean futures lower today. Yesterday afternoon's US planting progress reported corn was 49% planted as expected, this is 5% behind the 5 yr average. Soybeans were 35% planted vs 39% estimated, this is 1% ahead of the 5yr average. A flash US corn sale was of 405k mt to Mexico this morning, 135k is for delivery in this crop year, and 270k for new crop. CONAB increased production estimates for both corn and soybeans this morning. Soybean production is now estimated at 147,684 million MT, and corn was increased to 111,635 million MT. This compares to USDA at 154 mmt and 122 mmt respectively. |