May 5th, 2015
Grain Marketing Specialist
Corn: 3 lower
Farmers got a lot more done last week than what was suspected. According to the weekly planting progress report, farmers are about 55% complete with corn planting. That is up 36% from last week. The western Corn Belt is well ahead of average for corn planting, while the eastern Corn Belt is a little behind. Rains are expected this week and that could slow down progress. Export inspections were in line with trade guesses at 41.4 million bushels. Interesting to note, during last night’s trade, we came to within a dime of the contract lows that were set back on Oct 1st, 2014.
Soybeans: 1 higher
Nationally the soybean crop is about 13% planted. This is 4% ahead of schedule. The soybean market continues to hold strength because traders think that there will be less switching acres from corn to soybeans. Export inspections were at 6.3 million bushels. Support, on Monday, was led by rumors of Chinese demand of soybean oil, also there is a strike going on in Argentina that potentially could disrupt shipments. Soybeans continue to trade sideways.
Wheat: 4 lower
Seventy five percent of the spring wheat is in, which is 35% ahead of normal. Winter wheat yield potential moved higher as favorable weather conditions prevail. Export inspections, on Monday were at 12 million bushels. This was well below expectations. Elsewhere in the world, weather remains favorable for Ukraine and Russia and parts of the main Chinese production area are also picking up moisture.