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MARKET COMMENTARY

Morning Comments May 14, 2019

Tuesday, May 14, 2019, 1:05 PM
Submitted by: Landus Cooperative


Opening Calls:

Corn up 7 to 8

Soybeans up 13 to 14

 

Yesterday’s crop planting progress report results:

CORN Percentage Planted:

National: 30% vs 23% last week, 59% last year and 66% average

Iowa: 48 % vs 36% last week, 61% last year and 76% average

Illinois: 11% vs 10% last week, 88% last year and 82% average

Nebraska: 46% vs 35% last week, 68% last year and 72% average

Minnesota: 21% vs 6% last week, 36% last year and 65% average

Indiana: 6% vs 3% last week, 69% last year and 57% average

 

SOYBEANS Percentage Planted:

National: 9% vs 6% last week, 32% last year and 29% average

Iowa: 13% vs 8% last week, 30% last year and 31% average

Illinois: 3% vs 3% last week, 61% last year and 34% average

Minnesota: 3% vs 0% last week, 10% last year and 36% average

North Dakota: 5% vs 1% last week, 10% last year and 20% average

Indiana: 2% vs 1% last week, 49% last year and 26% average

 

A month ago traders were talking about acres shifting from corn to beans, but with the sharp break in bean prices, traders are now talking about the possibility of a large number of farmers taking the prevent plant option. U.S. corn export shipments last week of 1.001 mmt (39.4 mil bu) were in line with market expectations of 850,000 mt to 1.1 mmt (33.5 to 43.3 mil bu) and were little-changed from the previous week’s 977,000 mt (38.5 mil bu), but were substantially below last year’s same-week exports of 1.578 mmt (62.1 mil bu).

 

U.S. soybean export shipments last week were 513,000 mt (18.9 mil bu), towards the lower end of market expectations of 450-700,000 mt (16.5 to 25.7 mil bu) and were down from the previous week’s 603,000 (22.2 mil bu) and last year’s same-week exports of 699,000 mt (25.7 mil bu).

 

The dollar index dropped to a 3-week low yesterday and closed lower. The June dollar index is trading 3 points higher this morning at around 97.15.

 

This morning the June crude oil contract is trading around $0.20 lower. The June contract is trading just below the $61.00 level.

 

 

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