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Grain markets continuing to rally this week as the quick pace of planting isn’t enough to overcome concerns about drought and dryness in the U.S. and Brazil.

The Renewable Fuels Association (RFA) says China’s buying increased to 48.3 million gallons in March, which is the second largest monthly export total ever on record, just missing the high set in April 2016.

A wide-open week with dry weather helped farmers make large strides in planting progress. USDA shows as of Sunday, May 2, 46% of the corn crop had been planted, a 29-point jump in just a week.

There is growing concern crops being harvested will make it to market. The problem stems from a lack of truck drivers as COVID-19 concerns and high unemployment benefits are impacting the available workforce.

Drier weather helped aid major planting progress for U.S. farmers last week, but it didn’t help the topsoil moisture situation. USDA’s Crop Progress report indicates 55% of the U.S. topsoil is considered ‘adequate.’

U.S. ag commodities trader Bunge Ltd adjusted income rose more than three-fold in the first quarter from a year earlier as strong crop export demand and stout oilseed crushing margins bolstered its core segment.

Meteorologist Mike Hoffman looks ahead to the weather we could see this week.

Lumber prices are up 359% since last year at this time, with a 69% increase taking place since the start of 2021, prices not trickling down to producers. And there are three factors aiding to the surge in prices today.

After years of work with USB and the Soy Checkoff, Goodyear Tire is now committing to phasing out all petroleum from its products by the year 2040, using soybean oil in its place.