The U.S. corn crop was estimated to be 83% planted as of Sunday May 26th, this was a 13% jump from last week and is 1% ahead of the five-year average.
The U.S. corn crop was 58% emerged as of Sunday May 26th, this was a 18% jump from last week and is equal to the five-year average.
Rainfall over the next 7 to 10 days looks to be heaviest in the western Corn Belt, lesser totals are expected in the east as the U.S. farmer attempts get the last 17% of the corn crop planted.
Chinese corn futures are trading at over a $4 per bushel premium to CBOT futures. The spread between the two has ranged from $2.38 to $5.30 in recent years. Despite the abnormally large spread China has been mostly absent from buying U.S. corn as of late.
The U.S. soybean crop was estimated to be 68% planted as of Sunday May 26th, this was 16% higher than the last week and 5% ahead of the five-year average but 10% behind last year’s pace.
The U.S. soybean crop was 39% emerged as of Sunday May 26th, this is 3% ahead of the five-year average.
Top soybean producer Illinois, along with Iowa and Minnesota all have more than 25% of their soybean crop left to plant with a seven-day forecast that looks to be continued wet for many in those states.
Domestic soybean crush margins remain attractive here in the U.S. The USDA estimates soybean processing value at $14.83 as of last week, up 45 cents from the previous week and nearly $3.00 per bushel above the national average cash soybean price received by farmers that day.
48% of the U.S. winter wheat crop was in good to excellent condition as of Sunday May 26th, this was down one percent compared to last week’s rating. The poor to very poor rated category rose one percentage point and is now at 19%.
77% of the U.S. winter wheat crop was estimated to be headed as of Sunday May 26th, this was up 8% from last week and 8% ahead of the five-year average.
88% of the U.S. spring wheat crop was planted as of Sunday May 26th according to the USDA. This was up 9% from last week and 7% ahead of the five-year average as well as 9% ahead of this same week a year ago.
After gapping higher on Monday, Paris milling wheat futures have been moving lower the last two days in corrective type price action.
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