Cool, wet weather in some key U.S. growing areas continues to impact corn and soybean planting.
The USDA says 7% of U.S. corn is planted as of Sunday, compared to the five-year average of 15%, and 2% has emerged, compared to 3% on average.
3% of soybeans are planted, compared to 5% normally in late April.
27% of U.S. winter wheat is in good to excellent condition, 3% lower than last week largely due to drought conditions in parts of the Plains, with 11% of the crop headed, compared to the usual rate of 19%.
13% of spring wheat is planted, compared to 15% on average, with 2% emerged, compared to the typical pace of 4%, with cold temperatures and snow a factor in portions of the northern U.S. Plains.
12% of cotton is planted, compared to 11% on average, mainly due to the faster than normal rate in California.
Weather in the Delta is delaying rice planting, with activity at 26% complete, compared to the five-year average of 47%, and 19% of the crop has emerged, compared to usual pace of 28%.
The USDA's next set of supply, demand, and production numbers is out May 12th.
CME Group announced some price limits for grains and oilseeds would be reset starting May 1 for the trade date of May 2, 2022. This is part of the usual semi-annual review of limit resets that occurs on May 1 and Nov. 1.
Daily corn limits will change from 35 cents per bu. to 50 cents, with the new expanded limit moving to 75 cents.
Soybean future limits will increase to $1.15, up from 90 cents with a $1.75 expanded limit.
The daily limit for SRW and HRW wheat futures will drop 15 cents from the current level to 70 cents with expanded limits of $1.05.
The soyoil limit would increase from 40 cents per pound to 50 cents with a 75-cent per pound expanded limit.
Soymeal futures will increase from $25 per ton to $30 per ton with a $45-per-ton expanded limit.
Beginning in February 2022, already elevated global wheat prices surged in the wake of the conflict between Russia and Ukraine, who together accounted for 28 percent of all wheat exports in marketing year 2020/21. Throughout the current marketing year (2021/22), tight supplies have been forecast for key exporting countries including Argentina, Australia, Canada, the European Union, Kazakhstan, Russia, Ukraine, and the United States. Collectively for these countries, ending stocks are projected at the lowest level since the 2013/14 marketing year.
For most of the current marketing year, tight supplies have supported relatively high global wheat prices. Those prices have been driven higher as commodity markets reflect uncertainty about not only the ability of Russia and Ukraine to continue exporting in coming months, but also the implications of the conflict on Ukraine's spring planting which typically begins in March.