Implied corn and soybean calls are predicated on a higher open in wheat and may open softer per feedback we received.
Wheat is called 20-30 higher, corn up 4-7, soybeans up 6-11.
US corn plantings 2 percent and spring wheat 3 percent, at and one point above expectations. Winter wheat conditions 3 percent excellent and 27 good. Very poor at 18 percent for winter wheat is concerning but a good soaking for the Great Plains can turn that around. Note Texas is expected to see good rains over the next 7-10 days.
2 PDF’s attached
Terry Reilly
Senior Commodity Analyst – Grain and Oilseeds
Futures International
One Lincoln Center
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ICE IM: treilly1
Skype: fi.treilly
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Crop-Progress-Estimates040422a.pdf