Missed some grain market news this week? Here is what Bryce Knorr and Ben Potter were writing about this week.

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Corn futures began trading overnight where they left off Friday, posting more gains and rallying to fresh five-year highs. Both old and new crop contracts gapped higher on the start Sunday night and never looked back. With the planting window for corn all but closed, heavy rains are headed to the Midwest this week as farmers may divert 5 million to 7 million acres into prevent plant. Soybean plantings are also in trouble, helping futures to double digit gains.

USDA as expected Monday confirmed record slow corn planting but markets sold off anyway overnight due to lack of fresh bullish news. Consolidation of recent gains would not be unusual because traders won’t get much information quickly on the burning issue of the day: How much ground won’t farmers plant this spring? USDA doesn’t release its next acreage update until June 28.

Markets appear to be planning a waiting game this morning. While grain traders anticipate renewed trade talks between the U.S. and China next week and USDA’s big acreage reports, investors are waiting for the Federal Reserve to release its latest statement on monetary policy this afternoon as the central bank comes under more pressure to cut interest rates. Energy traders are also chomping at the bit ahead of inventory data this morning that will also show how ethanol production fared last week.

Despite plenty more wet weather across the central U.S. over the next several days, CPC’s latest 6-to-10-day outlook calls for mostly warmer, drier weather, which could pump up corn yield potential in struggling areas. As such, grain markets docked corn prices around 1.4% Friday on a round of profit-taking, with plenty of downward pressure also applied to soybean and wheat prices today.

Feedback from the Field

As growers end corn planting for 2019 a new guessing game begins: How much ground will be lost to prevent plant claims? The answer to this question won’t be known for weeks. USDA’s National Agricultural Statistics Service June 28 reports an updated acreage estimate based on a survey that ended last week.

Crop Progress

The historically slow 2019 planting season continued to see minimal forward momentum this past week, with 92% of the country’s corn acres now in the ground. For soybeans, 77% have been planted, up from 60% last week. Winter wheat harvest is now 8% complete, with 89% of the crop headed.

Exports

Lackluster export inspections last week reflect both the time of year and what an unusual year it’s been, according to Farm Futures senior grain market analyst Bryce Knorr. Chinese buyers continue to take delivery of purchases made during the thaw in the trade war earlier this year as anticipation mounts ahead of the G-20 Summit at the end of the month, when President Trump and President Xi of China may or may not sit down to discuss the confrontation.

USDA handed out a mixed round of export sales data in its weekly report, out Thursday morning. Soybeans saw the most upside after old crop sales climbed 34% above the prior four-week average. But wheat sales proved lackluster and old crop corn sales moved sharply lower for the week ending June 13.

Market reports

It has been a bumpy ride for grain markets this week – but one that has moved prices relatively higher, on the balance. Traders continue to consider the latest round of wet weather forecasts and how adverse they could be for grain production. Overnight, corn and wheat firmed slightly, with soybeans taking small declines.

Outlooks

Basis Outlook - Get ready for the great grain rush of 2019. This year’s historic closing of the Upper Mississippi River leaves exporters with 100 pounds of corn, soybeans and wheat to fit into a 10-pound bag.