Markets are down sharply to start the day with corn off 12, soybeans off 4 and wheat off 14.
Corn planting progress came in at 72% (+23%/wk) vs 68% estimate and compared to the ten-year average of 81%. MN jumped to 60% (+25%) and SD came in at 62% (+31%) while ND still is well behind with just 20% corn planted (+16%) and compared to 81% last year and the ten-year average of 68%. The Prevent Plant option date starts May 25th for ND.
Soybean planting progress came in at 50% (+20%) vs 73% last year and just behind the ten-year average of 55%. Spring wheat planting remains well behind at 49% (+10%) vs 93% last year and compared to the ten-year average of 82%. ND was just 27% complete and plants 5.2 million spring wheat acres, 46% of the total crop.
Great progress over the last week and a forecast that bodes well for more progress in the next 10 days is going to pressure the markets. ND may be behind and approaching the PP date, but as I have mentioned in past reports that prices are doing their job and have producers planning to stretch the planning date well into June with cash prices showing better ROI than Prevent plant.
Have a Safe Day!