Corn and Soybeans Higher Overnight

Corn and soybeans were higher overnight while wheat gave up some of yesterday’s impressive gains. In outside markets, crude oil continued to find support from a Kuwait oil strike while silver reached its highest mark in a year.

After the close Monday, USDA’s crop progress report showed 13% of the corn crop planted versus 4% last week and an expectation of 14%. Wheat condition was also up following beneficial rains in HRW wheat country. The percent of the crop rated good-to-excellent inched higher to 57% versus 56% last week.

Weather over the next few weeks continues to favor crop planting. Patchy showers linger in the central Midwest today, scattering into the southwest again tonight/tomorrow and shifting through the Delta/eastern Midwest by Thursday. The heaviest totals occur in the Lower Mississippi Valley, and only minor interruptions are expected to Midwest seeding. Showers scatter into the northern/eastern Midwest again by Sunday/Monday, but broader Midwest/Delta coverage occurs at the middle of next week and again early the following week. While the more active pattern will hinder corn seeding, risks of excessive rain are limited, and fieldwork still occurs in between rain events.

In South American weather, the latest model runs show wetter Argentina weather in the coming week although there is no agreement from various models. But, if realized, there would be some additional harvest delays across key summer crop areas. The second week outlook is still looking better for most of Argentina. In Brazil, there is some potential rain for center west, center south and northeastern Brazil next week.

在原油价格继续支持摇来摇去m a Kuwait oil workers strike, now in its third day. However, analysts said Kuwait's disruption would likely be brief and investors would soon refocus on the market's oversupply given the failure of major exporters on Sunday to agree to freeze output to avoid worsening the glut.

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—Kevin McNew