Prices 17/5/16

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Generally dry weather is expected across the durum country of the USA over the next week. This should allow for rapid progress in planting after some rain delays across the east of the region and will most likely see the last of the crop in the ground before the end of the week. Similar conditions should also prevail across the border in Saskatchewan until Sunday when showers are expected to move in from the NW. The only dry parts of the US spring wheat belt were around western Montana and the rain of the last 7 days is taking care of that.
The weekly crop progress report came out after the close. It pegged corn planting at 75% complete versus the 5 year average of 70%, soybeans were 36% v 32%, cotton 40% v 39%, sorghum 33% v 30%. The winter wheat crop condition remained unchanged at 62% good to excellent. Spring wheat planting is progressing well ahead of the 5 year average now and is pegged at 89% sown versus 64% as the 5 year average. So basically the crop report is more bearish than bullish at this stage.

As far as futures markets go, last night in the US was a bit of a nothing night with most grains moving a little either way. Rain fell mainly in the southern part of the corn belt which allowed the major producing states to make some good progress. Most think that the central corn belt is now over 90% sown, the weekly report estimated 88% so it likely the planter will get parked by mid week.

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