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On the Grains:
Grains are mixed so far in overnight trade, with corn and beans steady-to-firm and wheat a little weaker as of 6am. Widespread heavy rains are now sweeping much of the Plains and parts of the Midwest that will again delay planting in many areas. However, after last week’s planting progress was surprisingly robust despite what was thought to be a generally “wet week” the week before, we’re entering the stage where the old mantra that “rain makes grain” is heard just as often in trade chatter.
Wheat harvest has already begun in Texas and a crop tour just completed by the Illinois Wheat Association made mockery of USDA’s recent suggestion that SRW yields might dip from last year’s record 87 to 83 bpa this year. The tour average came in at a whopping 104 bpa.

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