May 29th 2014
Brad Olson
Grain Marketing Specialist
 


Corn: As of 7:45- 4 higher

Mixed trade yesterday basically had corn settling a penny higher. The afternoon brought us USDA planting progress estimates of 19% vs. average estimates of 20-25% and 5 yr average of 28%. This in turn has us higher overnight. Cool wet conditions look to be supportive for this market in the short term. Given the opportunity the US farmer can plant a lot in hurry so stay tuned.

Soybeans: As of 7:45- 1 higher

Little news for the soybean market gave us a mixed trade with May contract settling 10 1/4 higher as we move into delivery while Nov settled down 1/2. Fears of wet conditions possibly pushing acres to soybeans, especially in North Dakota as they fought late planting and the repercussions last year. This could keep a lid on things for now. But as I said before stay turned because we planted as much as 40% of the corn in 1 week last yr and it’s still early. Soybeans plantings at 3% vs. 5yr average of 4%.

Wheat: As of 7:45- 3 lower

HRW areas continues to miss the moisture adding support to wheat. We should start seeing results from the Wheat tour tomorrow. Wheat conditions continue to drop, down 1% g/e to 33%. 18% of the crop is headed vs. 5yr average of 30%. Spring wheat planting is at 18% vs. average of 30%. For the morning we look to be a bit lower but wouldn’t be surprised if we traded both sides today.