May 20 2014
Darren Wilcox
Grain Marketing Specialist

Corn:1-2 Higher

Corn was under pressure all day yesterday with the release of planting in the countryside was going to be higher than 75% When it was all said and done we are 73% planted, that is slightly lower than the 5 year average of 76%. Last year we were at around 71%. Now the weather will need to cooperate as many areas have been cool and wet for the last few weeks. Export Inspections were around 41.7 mb which was slightly ahead of last week’s 40mb.  Final planting dates are fast approaching in some areas which may be a concern for farmers in the north. See chart below.

Soybeans: 5-8 Higher
Positive exports and strong meal demand pushed beans up 20 on the July and November was 17 higher. Some are not convinced that the tight old crop supply is resolved. We did see some improvement in planting progress as we are 33% planted. This compares to 20% last week and behind the 5 year average of 38%.  Export Inspections came in at a positive 6.2mb yesterday…Weather looks favorable in most planting areas to catch up..

Wheat:8-10 Higher
A decent close for both KC and Chicago but Minni was slightly lower. All are still under a little pressure with improving weather and increased planting. Farmers have improved on planting progress to 49%. That is way behind the 5 year average of 68%. ND is only 25% done with spring wheat versus a average of 55%. That puts them on the slowest pace since 96. Winter wheat conditions declined a point form 30% to 29%. Both Kansas and Oklahoma lost a point. Export Inspections were a strong 20.3 million bushesls.