Grain Marketing Specialist
Corn –as of 7:45 Down 4
Corn 29% planted vs 11% last year and 42% 5 year average. Minnesota only 8% planted vs 46% average. Ukraine production expected to fall in 2014 as input price inflation hits their farmers. Russia is 58% planted. Dr. Cordonieer keeps his Brazil production estimate at 72mmt and Argentina is 27% harvested of its 23.5mmt crop.
Beans- as of 7:45 Down 16
Beans 5% planted vs 11% average. Cordonieer pegs Brazil production at 86.5mmt. The market remains focused on the record large bean imports coming to the US nearby as US processors feel more comfortable for at least the next 2 - 3 weeks but majority of the US processors won’t be crushing Brazilian beans this summer and still need to buy beans to get them through the last 3 months of the crop year.
Wheat-as of 7:45 SW-WW unchanged
Spring wheat 26% planted vs 41% average. Winter wheat rated 31% good down 2 from last week. 38% of the crop rated poor vs 39% last year. Hot temps continue across Oklahoma, Texas and Kansas. Northern Plains remain wet and spring wheat planting will be tough in many areas.