Afternoon Comments 5/6/2014
Tuesday, May 6, 2014, 3:05 PM
Submitted by: Joel Pudenz
The corn market performed well today on concerns over lagging planting progress estimates. Nationally, we are 29% complete with corn planting, behind the 42% average. Perhaps the most concerning are numbers from Minnesota (8% vs. 46% on average), Wisconsin (2% vs. 23% on average), and North Dakota (0% vs. 19% on average). With a system moving in later this week – that could drop another 1 to 2 inches of rain – we may not see much planting progress for the upper Midwest. Corn closed the day 9 cents higher.
The soybean market closed lower today as a generally weaker trend continues. The story hasn’t changed much as rumors of more Brazilian bean imports pressure prices and yearly import estimates continue to increase. Bean planting progress is 5% nationally (11% on average). Slow progress in corn planting isn’t helping bean prices with beans 2 to 4 cents lower on the close.
Have a great afternoon!