May 2, 2016
Producer Marketing Manager
CORN: As of 7:45 - Down 2
Both July and Dec corn contracts held their 200 day moving average to finish the week on Friday. Crop Progress report (release at 3:00 PM CDT) could show U.S. corn planting as of May 1 at 45-50% vs. approx. 45% last year and the 5-year average of 30%. Most of the corn belt looks to remain cool to start the week. The Central/West areas of Brazil looks to be dry through this week, affecting the second crop of corn.
SOYBEANS: As of 7:45 - Down 2
The bean market was lower in the overnight. Today’s USDA Crop Progress report (release at 3:00 PM CDT) could show U.S. soybean planting as of May 1 at 8-13% vs. approx. 10% last year and the 5-year average of approx. 7%. Argentina has been dry over the past 24 hours and expects to see just some modest showers in the southern end of that country.
WHEAT: As of 7:45 – Down 4-6
Saudi Arabia was in the market for 620,000 MT of wheat over the weekend. Some of that total was US HRS. The Wheat Quality Tour of the HRW areas begins today.