June 3, 2014
Producer Marketing Manager
Crop Progress and nearly ideal growing conditions continue to put pressure on prices.
CORN: As of 7:45 – Down 3
Nationwide we are 95% planted on corn and off to a good start as the corn crop is rated a very impressive 76% in the Good/Excellent category. SD ratings were quite good at 82% Good/Excellent. Interesting to note that most all the states that were delayed in corn planting are showing ratings above 80% G/E. Export inspections came in at 38.4 mil bu taking the marketing yr up to 1,325 mil bu which is 70% of the USDA forecast. The next 5 days looks to bring decent precip amounts for much of the corn belt.
SOYBEANS: As of 7:45 – Down 7
Soybeans were in line with expectations at 78% planted nationwide. SD reported 81% of the crop in the ground, ahead of the 5 year average and significantly better than last year’s progress. ND plugs along at 63% planted, right at their 5 year average. Yesterday’s export inspections of 5.7 million bushels seemed to be part of the driver of the bean rally with Mexico taking 2.2 mbu.
WHEAT: As of 7:45 – Down 2
Nationwide we are showing 88% of the spring wheat crop in the ground…..SD is at 95% and ND is making good progress at 83%, which is just ahead of their 5 year average for this date. Chicago Wheat futures (Soft Red Wheat contract) fell for the 9th consecutive day, the longest skid since ’94.