May 19 2014
Grain Marketing Specialist
Corn: 3-5 Lower
Corn fell below $5 last week, a mark that had been held since the March 31 report. Corn Acres may still be debated but most guesses will be around 92 million, ND is likely to been losing corn acres but with good planting weather this week will be the big determining factor. The American farmer had a good week of planting as we expect to see a 75-80% complete this afternoon with a favorable forecast in the next few days. This compares to 59% last week and 76% on a 5 year average.
Soybeans: 2-5 Better
The market is still dealing with issues of tight old crop supply and weather imports will get us by until new crop arrivals. I good start to soybean planting nationwide with 35% expected complete, which compares to 20% last week and close to 5 year ave of 38%. Farmers should have another good week with a favorable forecast.
Wheat: 3-5 Lower
Wheat looks to be having trouble staying in the green as the market struggles on building world supplies. With much need moisture in the southern growing areas and drier weather in the north in the nearby forecast. This would give those air seeders in ND a chance to catch up as they continue to lag behind schedule. Spring wheat planting is expected to be around 50% on today’s progress report. It is also expected to see Canada to be around 25% and as much as 50% by mid next week.