Weekend rains were sufficient to remind trade that planting progress was far from done. It started a
round of short covering in Dec corn and Nov beans that is not likely finished yet. While both contracts
have excessive short open interest, it was difficult to understand why beans and meal lead the rally
today? It is likely that some of the corn planting delays will end up reducing corn acres with some
sliding into beans? Wheat was not able to keep up with bears still pressing in inter-commodity spreads.
There was also slightly more wheat harvest staring in the Deep South. Not enough to get solid yields
estimates but SRW in the delta states coming off as well as HRW in Tex. Just starting.
Export shipments were only 38 mil bu vs 39.6  the previous week and 64 mil bu last year.
Wheat shipments remained strong at 21.2 mil bu. This is in line with the previous week and last
year. It included 2.3 mil bu spring, 10.4 mil bu hard, 4 mil bu soft red, and 3 mil bu white. Total
shipments to date are 987 mil bu vs 1.018 bil bu last year.

Corn shipments were 12.4 mil bu taking total to 529 mil bu vs 1.2 bil bu last year
Bean shipments were 3.4 mil bu in line with the previous week but only a third of the same week
last year. Total shipments to date are 1.263 bil bu vs 1.149 bil last year. Still no vessel quantities with
rail and containers accounting for all. Interesting comments in Brazil today that said containers there
was handling a lot more of bean exports as well. Was helping alleviate some of the vessel delays?
Weekly condition and planting report was not that far from expectations but may still give the market a
boost in the night trade.

Winter wheat conditions were unchanged at 31 pct G&E but P&VP was up 1 at 42 pct. Many of
the SRW states showed some deterioration while most of the HRW states were unch to improved a
notch. Ok was the exception off slightly. Crop still look to be 2 to 3 weeks behind normal development.
Spring wheat planting moved up 13 to 79 pct complete. This is 7 short of normal.
Corn planting moved up 15 to 86 pct complete. This is only 4 pct behind normal but many of the
areas forced out of the fields with weekend rains will have more rain this week. Leaves a question
about when and how many of the 12 mil acres remaining will be planted? Insurance prevent plant dates
of May 25 are passed with more facing May 31 dates. Most of the primary Corn Belt states face Jun 5
for prevent plant claims?

Bean planting moved up 20 to 44 pct complete. This is 17 behind the normal of 61 pct. Beans
planted after Jun 1 will normally start to see some yield decline normally thought to avg about a half
BPA per day. Beans planted in late Jun normally take on half of normal yields like double crop beans
behind wheat. Summer weather is very important to these yields with late rains typically adding yields
beyond what normal growing conditions would imply?