Corn planting across the south is accelerating with Texas now 38% complete vs. 34% on the 5 year average while Louisiana is 52% planted vs 30% on average and Mississippi is 11% complete vs. 3% average. Hopefully the early planting progress rolls into the northern states in the coming months with the warmer temperatures that we have been seeing. Private analyst IEG Vantage (formerly Informa) released their estimates for US corn plantings at 94.3 million acres compared to the USDA February Outlook expectation of 92.0 million. They estimated soybeans at 89.7 million compared to the USDA’s Feb estimate of 90.0. We will see several more estimates coming this week.
Brazilian soybean harvest has nearly caught up with 60% now complete compared to 63% on average for this week. Mato Grosso is 92% harvested compared to 94% average. The safrinha corn crop is nearing 86% planted compared to 95% on average.
Corn is unchanged and soybeans are 10 higher to start the day.
Be sure to get sales on and firm offers in place before next Wednesday’s report!
Have a Safe Day!