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May 18, 2015
CORN: Corn, like wheat, is higher on short covering with a weather forecast that is still very wet through next Monday for the Midwest and Southern Plains. The US planting pace tonight is expected to be near 85% vs the 5 year avg of 76%. Trade will watching the emergence progress with recent cold temps across the upper Plains/MN. Resistance for Jly corn is expected toward the $3.75-3.80. Ethanol margins are holding up with energies firmer this morning.
SOY-COMPLEX: Beans are tagging along higher, following corn and wheat. US soybean planting is expected to be toward 45% complete vs 38% avg. The rain showers moving through last week and this coming week will slow planting pace though traders won't get too concerned until 2nd week of June. US soybean basis is steady to mixed with very little old crop beans moving right now. Trade hoping that bird flu outbreaks start to slow down with the approach of June and warmer temps.
In this week's Crop Tech Corner, scientists find transgenic genes occurring naturally in the sweet potato genome, a new Bt protein passes a food safety assessment by South American researchers, and Kenyan scientists explore a biotech technique that could produce aflatoxin-resistant corn.