In the USA grain futures struggle to hold ground as soybean futures slipped away sharply. Corn found support from further sowing delays in Iowa and Illinois while wheat found support from delays in sowing but more importantly the threat of disease in the winter wheat crop.

With more than 3″ expected across much of central USA in the next 7 days the punters are backing corn acres will come out less than current USDA estimates. There are a couple of crucial dates we need to keep in mind, they are May 25th and June 5th. These are the final corn planting dates with Multi Peril Crop insurance in the USA, in other words prevented planting insurance. A producer has to claim more than 20% if claiming prevent plant insurance. A summary of the policy is attached for those interested.
The June WASDE is due out on the 11th so it will probably be a little early to adjust a lot of number to take into account any prevent plant claims. We may need to wait unto the July 11th report.
The wet weather in the US has the punters expecting to see more soybeans go in because of fewer corn acres. The prevent plant dates for soybeans are between the 10th of June and the 30th of June depending on the area.

Parts of the Volga Valley and large swaths of the Kazakhstan spring wheat area remain drier than average. There has been good rain across much of western Russia and Ukraine in the past couple of weeks with 50mm – 60mm west of the Don River in SW Russia.