June 2, 2014
Producer Marketing Manager
CORN: As of 7:45 – Down 4
Weekend rains were fairly widespread and heavy in areas places. We get our first glimpse of the year at the Corn condition ratings on this afternoon’s USDA Crop Progress/Conditions report. Planting progress is estimated to be 95% complete on corn. Dec corn has quickly approached the $4.50 mark after spending much of April and May trading in a $4.90 - $5.10 range.
SOYBEANS: As of 7:45 – Down 9
Planting progress out this afternoon is expected to be around 75-80% complete. Soybean acreage looks to be increasing with the delays in ND, MN, WI, and MI. With good precip and the probability for more acres we may see continued pressure on November futures.
WHEAT: As of 7:45 – Mpls Down 8, KC Down 9
All three US wheat markets continue to slide as export customers are buying cheaper wheat elsewhere. In my weekend travels the HRW crop south of I-90 in SD is starting to head out and talk of some test cutting in South Central KS. Spring wheat planting progress is expected to be around 82-87% complete. This compares to 80% last year and the 5-year avg. of 88%.