05/06/2025 Roll on Exports, Roll on Planters

On the Grains
Planting progress was 40%, within the 35-48% trade range and on the 5-year average. I thought it might be closer to 45%. Last week, we planted 14.7 million acres, which will be crushed as it’s finally opened up in SE Minnesota and Northeast Iowa. 55.7 million acres remain yet to be planted, and we will get everything in the ground promptly this year. Ohio might struggle for another week, but the extended forecast also looks better there. July corn had an ugly day yesterday as we look to make a bottom for the near term, and if the $4.50 holds, we should be good. “While plant in, the dust and the bins will bust” motto still holds true, and traders piled on the short side yesterday as they lacked the motivation to buy the market as the 6-10 day looks good. July support at $4.50 and looks like it should hold as we have done enough damage ahead of the WASDE report, and crude bouncing off 4 years lows yesterday should be supportive ethanol.