It was much of an up week for prices this week as the US crop progress report (see below) was very supportive of higher prices.
Corn was up by close to USD 5 m/t in the week but other than slow planting in the US no one much can see a good reason for higher corn prices. The farmers are out in the fields this week planting like mad and it won’t take them long to get the corn in the ground --- assuming decent planting weather for a while. Experts feel that next weeks crop progress report will show corn planting in the US at about 20 percent, but this is still well below the level normally seen – 40% planted would be more normal...........please click PDF to see more details