Markets are working higher this morning after yesterday’s big selloff. Corn is currently up 15 in the old crop and 6 in the new crop. Soybeans are up 26 in old crop and 17 in new crop.
Yesterday’s crop progress shoed another very active week across the heart of the corn belt with 67% of the nation planted vs. 46% last week and 52% for the five-year average. IA led the way with 86% complete with MN right behind at 85% and IL at 74%. All of these are ahead of the five-year average and significant jumps from last week. WI came in at 49% complete compared to 27% last week and 55% last year.
Reminder that the USDA will release their May S&D report at 11am tomorrow morning. Tomorrow will be the first look at the 2021/22 carryout numbers. While this is usually important, I think the world numbers are going to change dramatically by that time. (September 2022) With world prices for commodities trading at the levels they have been for the last few months there will be a lot more acres planted not only in the US next year, but world-wide. I have seen some estimates of 25-50 million more acres. “High Prices cure High Prices”. Producers should be actively looking to make sales on this year and next years crop when possible. $6 fall corn for 2021 and $5.00 for fall 2022 may very well be at the top end of the range.
Have a Safe Day!