Yesterday’s crop progress report was gasoline on the fire for futures markets. The corn planting figure was lower than expected with key growing states (Illinois, Indiana, and Ohio) well behind their typical paces. More concerningly, soybean planting is also behind schedule, perhaps indicating that fewer corn acres will be switched to that crop than previously thought. The only certainty out of this week’s report is that prevented planting acres will be the largest in a decade or more. The market reacted to the crop progress report with an unusually active overnight session that saw corn, wheat, and soybeans all trade sharply higher. The knee-jerk reaction was to add more weather premia to prices, which is exactly what traders...