June 6, 2017
Grain Marketing Specialist
USDA Supply & Demand Report coming out Friday. Contact your local Grain Marketing Specialist to get your targets working!
CORN: As of 7:45 – up 1
USDA released fresh crop conditions and planting progress numbers yesterday, with corn in slightly better conditions at 68% Good/Excellent this week vs. 65% last week… although we are still in worse conditions that we were last year at this time at 75%. Corn planted across the country looks to be just about wrapped up at 96% complete, vs. 97% for both last year and the 5-year average. Lots of rumors of replanting in the east – drier weather has been helping them finish it up. We also had a good export inspection number yesterday at 46.3 million bushels. Funds are short an estimated 219,000 contracts, could look to cover that at some point.
SOYBEANS: As of 7:45 – up 2
We have made a quite a jump from last week’s planting numbers going from 67% to 83% and emergence is at 58% vs. 37% last week. Although the export inspection number was the lowest of the year, we did get a flash sale to support yesterday’s trade: 120,000 metric tons in export sales sold (60,000 old crop and 60,000 new crop).
WHEAT: As of 7:45 – Mpls up 12, KC up 7
South Dakota’s winter wheat conditions took the biggest hit this week, going from 50% G/E down to 29% G/E. So far this year, winter wheat harvest has reaped another low protein crop. Our global stocks are large, but not in terms of protein wheat. Hence, the market has been adding premium to spring wheat vs. winter. Nationally, our spring wheat conditions are also down from last week, going from 62% to 55% G/E. Our final inspection number of the year was decent, but we did round out about 59 million bushels behind the USDA total.