Corn, soybeans and wheat are trading slightly higher this morning up 3, 1 and 2 respectively. Wheat was the leader of the commodities yesterday with weather being the contributing factor. The western plains remain dry while the Midwest looks favorable for fieldwork over the next 6-10 days with small chances of rain in the middle of this week. Producers are trying to get corn in ahead of these rains to take advantage of the germination the rain would bring. Historically fast planted corn crops add corn acres.
Last night’s weekly crop progress report showed 17% of the corn crop planted which is up from last week’s 5% compared to 27% for the five year average. Wisconsin came in at 3% complete vs. 9% on the five year average. Look for these numbers to jump in next week’s report.
Producers should have firm offers in place with their buyers to take advantage of any weather swings we may see in the coming months. The last three years we have seen the market rally between the first of May and the end of June. With lower acres this year and expectations for yields to drop back to trend line, I would expect this trend continues this year.
Have a Safe Day!