04/16/2024 Weekly Crop Progress Data Not Setting Off Any Alarm Bells

On the Grains Grains are steady to mixed in overnight trade. Weekly export inspections were within the range of expectations for both corn and soybeans yesterday and wheat actually came in above the high end of the range, but all to no avail with lower prices for all three. Hopes that stubborn inflation data might help convince funds to start lifting short positions more methodically bore no fruit yesterday. To the contrary, funds were again big contributors to the selling in corn, wheat, soybeans, and soy products yesterday. The weekly Crop Progress Report put corn planting at 6%, a bit less than 7% expected at last year’s pace, but still a bit better than 5% average. They started reporting soybean planting this week and put it at 3% complete, the same as last year and the average and a point better than the 2% expected. Spring wheat planting is at 7%, just as expected, a point better than average and several points ahead of last year at only 2%. Winter wheat was rated at 55% good to excellent overall, down a point from last week but still the best in four years. Last year at this time, only 27% was…