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04-14-2014 07:49 AM - edited 04-14-2014 03:11 PM
USDA Crop Progress Report shows:
Corn= 3% planted vs. 2% a year ago and a 6% five-year average.
Winter Wheat= 32% vp-poor, 34% fair, 34% good/excellent. it's 5% headed vs. 4% a year ago.
Spring wheat= 6% planted vs. 5% five-year average.
At the close:
The May corn futures contract settled 4 1/2 cents higher at $5.03. The Dec. corn futures finished 4 1/4 cents higher at $5.03. The May soybean futures contract finished 13 1/4 cents higher at $14.76. The Nov. soybean futures finished 5 cents higher at $12.20. May wheat futures closed 18 1/2 cents higher at $6.78 per bushel. The May soymeal futures contract closed $6.20 per short ton higher at $479.10. The May soyoil futures closed $0.16 higher at $42.26.
In the outside markets, the crude oil is $0.26 per barrel higher, the dollar is higher and the Dow Jones Industrials are 91points higher.
The May corn futures contract is trading 7 1/4 cents higher at $5.05. The Dec. corn futures are trading 5 3/4 cents higher at $5.05. The May soybean futures contract is 6 1/4 cents higher at $14.69. The Nov. soybean futures are trading 3 1/2 cents higher at $12.18. May wheat futures are 24 cents higher at $6.84 per bushel. The May soymeal futures contract is trading $3.80 per short ton higher at $476.70. The May soyoil futures are trading $0.03 higher at $42.13.
In the outside markets, the crude oil is $0.19 per barrel higher, the dollar is higher and the Dow Jones Industrials are 121 points higher.
Tim Hannagan, Walsh Trading Inc. senior grain analyst, says the wheat market is supported on many fronts.
"Wheat's rally is on two fronts. One, wheat exports are threatened out of the Ukraine, over the weekend trouble with Russia. Two, a cold front moved into the western wheat states today with below freezing temps. It won't get cold long enough to cause damage, just fear."
For the soybean and corn markets, they are up on wet, cold weather to start the week ,delaying field work, early western Corn belt planting and planting progress in the southern Delta, Hannagan says.
In the U.S., the 50% planted dates are now set at May 8-9. Though that has been tough to reach in the past few years, the U.S. was 75% planted by those dates in 2010 & 2012.
Today, the USDA is going to release its Crop Progress Report at 3pm. The trade sees the 5-year average to be 3%. How much was planted as of Sunday, remains unknown.
At the open:
The May corn futures contract is trading 4 cents higher at $5.02. The Dec. corn futures are trading 3 cents higher at $5.02. The May soybean futures contract is 6 cents higher at $14.69. The Nov. soybean futures are trading 1 cent higher at $12.16. May wheat futures are 17 cents higher at $6.78 per bushel. The May soymeal futures contract is trading $1.40 per short ton higher at $474.30. The May soyoil futures are trading $0.11 lower at $42.21.
In the outside markets, the Brent crude oil is $0.58 per barrel higher, the dollar is higher and the Dow Jones Industrials are 85 points higher.
Early calls: Corn is seen 1-2 cents higher, soybeans 5-7 cents higher, and wheat 10-12 cents higher.
Overnight grain, soybean markets=Trading higher.
Brent Crude Oil=$0.39 per barrel higher.
Wall Street=Seen lower.
World Markets=Europe stocks were lower, Asia/Pacific stocks lower.
More in a minute,
04-14-2014 07:51 AM
Talk to a few farmers in central Iowa, Sunday. At least one had 160 acres of corn planted. He said he is not worried about it. Should he be? It looks like today's market is nervous about April's planting potential.
04-14-2014 08:22 AM
The rain (snow) event that just took place was a gift from above. Very welcome.
at least here in cia. Filling the moisture
profile far out weighs any delay in planting that came with the rain. I would say that farmers corn will be ok. 2.29" total west of Des Moines. I'm going to check soon to see if some of the swallow tiles are running.
04-14-2014 08:29 AM
After I swept away the snow that landed on my central Iowa rain gauge overnight, I recorded 2.25 inches of rain from that rain event that lasted from Saturday night at 11pm till Sunday at 6pm.
04-14-2014 08:37 AM
I am on the farm in poweshiek county for a few weeks. We pulled the planter out of the barn on saturday to ensure it would rain. It worked, 3.75 inches and a dusting of snow. Soil temp at 4 inches was 40 on saturday afternoon, a few neighbors were planting, time will tell how that works.
04-14-2014 01:36 PM