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On the Grains Grains are steady-to-weak in overnight trading as of 6am. After the close, we got the planting progress report and corn came in at 83%, just as expected. That’s 6 points behind last year but actually a point better than the 5-year average. It showed 58% emerged, right at the 5-year average but 8 points lower than last year at this point. Among major producing states, only seven (mostly in ECB) still have more than 20% left to plant. Only Iowa is still noticeably short of normal at 88% vs. the 5-year average of 92% planted by now. Soybean planting came in at 68% complete, two points better than expected, and 5 points ahead of average. It shows 39% has already emerged, 3 points ahead of average but 11 points behind last year. Among the major producing states, as in corn, Iowa is the only state noticeably short of the normal pace for soybeans planted. At 73% it’s 4 points shy of the 5-year average of 77% by now. It’s important to note that even though now at or ahead of normal planting progress, history shows yield potential begins to drop for any portion of corn planted after…

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