Focus on weather, planting progress

FOR TUESDAY (6/6) The trade was watching the U.S. planting pace with a mixed forecast for the Midwest and Plains over the next few days. As of Sunday, 83% of U.S. beans are planted, compared to the five year average of 79%, and 58% have emerged, compared to 59% on average. No states have officially wrapped up planting activity. Corn was also watching planting, and re-planting, weather, along with on the ground conditions ahead of the weekly USDA crop report. According to the USDA, 96% of corn is planted and 86% has emerged, both 1% slower than the respective normal paces. 68% of the crop is in good to excellent condition, up 3% on the week. Wheat was watching the weather as well with concerns about spring and winter wheat conditions, but the supply side of the market is bearish, especially for Chicago and Kansas City. For winter wheat, the USDA says 87% of winter wheat has headed, compared to 85% typically this time of year, and 10% is harvested, compared to 7% usually in early June, with 49% of the crop in good to excellent shape, 1% less than last week. For spring wheat, 90% has emerged, compared to 85% on average, and 55% of the crop is called good to excellent, a week to week drop of 7%.