CME main grain pricing levels were down substantially on some main grain items due to decreases in Brazilian production as well as updates on US weather and quick planting paces. Soybeans were down by $0.3675 to $13.64/st. Soymeal was softer by $4.00 to $426.90/st while wheat decreased by $0.1125 to $5.81/st on rain levels in crop regions. 

Crop Progress

The week of May 14^th for the USDA’s Crop Progress report has corn growing states showing 14 of 18 states reporting planting progress over 35 percent, two more than at this point last year. Planting progress this week is six points over the five-year average planting pace of 59 percent. Missouri is the furthest along and has planted 96 percent of its corn crop as of May 14^th, up four points from the week prior. Soybeans emerged are at 30 percent for the 18 states, up 17-points from last year and up five-points from the five-year average

Soybeans are 49 percent planted for the 18…