The markets are off to a positive start this morning with corn and wheat up 2 while beans remain unchanged. While the news of people starting to come back out of their lock downs and resume a portion of what their pre-virus lives were helps the economy and markets, it’s a long way from where we were. We will most likely never see the pre-virus days again when it comes to socializing, travel patterns, business operations, etc. Everyone will move at a different pace so we must adapt and move forward.
Last night’s planting progress showed significant progress over the previous week with corn hitting 80% planted across the country. Corn jumped from 67% the previous week and is above the five year average of 71%. WI came in at 81% complete compared to 59% last week and 59% on average. WI is 52% ahead of where we were last year at this time. Nationally soybeans came in at 53% complete compared to 38% last week and 38% for the five year average.
The only state to be running behind their average is North Dakota where only 20% of the crop has been planted. Current estimates are predicting 800,000 prevent plant acres for ND but that may be partially offset by South Dakota where more corn acres have been planted.
Today is one of the “bounce” days that I have been referencing in recent commentary as the times when producers should be actively making sales. Don’t miss these opportunities!
Have a Safe Day!