Corn futures continue to trend higher at midday, supported by a strengthening wheat market.
Yesterday’s Crop Progress report showed planting in the US jumping from 16% to 78% complete. This compares to 67% last year and the five-year average of 73% done at this time.
Despite strong demand for US corn, weather across much of the corn belt in the 6-10 forecast looks favorable for early development which could keep further upside potential limited.
Soybeans remain firm at midday on news that Argentina’s soybean crop could face “significant losses”, according to BAGE after recent storms.
Yesterday’s Crop Progress report showed planting progress improved 18% to 66% complete. This compares to 50% last year and the five-year average of 53% at this time.
Brazil’s oilseed group Abiove, has raised their soybean production forecast for the country slightly from 169.6 mmt to 169.7 mmt.
Wheat prices continue to climb at midday after yesterday’s crop progress report showed declining crop ratings.
Yesterday’s Crop Progress report showed winter wheat ratings falling 2% to 52% good-to-excellent. Spring wheat planting has now reached 82%, up from 66% the prior week and the five-year average of 65%.
The Rostov region of Russia as declared a farming emergency after recent frosts in the area effected the crop. However, Sovecon still pegs Russia’s wheat exports for May at 1.8 mmt, citing that recent frosts won’t have much of an effect on the winter wheat crop.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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