The rapid spread of the deadly bird flu had the market on edge and trending lower for much of the week. As more reports of infected barns surfaced, demand for corn and soybean meal was put into question. The full impact on demand will not likely be felt for some time though, depending on how long the out-break lasts. The US Dollar index traded higher early in the week which also contributed to the downward pressure on grains.
National planting progress reported on Monday showed the US still behind the five year average pace for corn. The slow start did little to spur any rally. Progress is not expected to show much gain when we see the next update on Monday. Weather over the weekend looks to slow progress early, but by Sunday and into next week, locally at least, we should see activity ex-pand at a fast clip. Even though we are just a week away from May 1st, there is little concern in the marketplace regarding the slow start.
Basis levels are seen as slightly weaker to end the week. End users appear to have enough coverage for the time being, and with rain bring trucks back to hauling grain, quick-ship premiums are fading quickly.
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