Oct 16, 2018

Corn Harvest Continues to Make Good Progress

Overall, corn is 39% harvested, ahead of the 5 year average of 35%

Corn Harvest Continues to Make Good Progress, Soybeans Slow Down

In yesterday’s Crop Progress report from the USDA, the U.S. corn crop was pegged as 96% mature, compared to the 5 year average of 91%. Overall, corn is 39% harvested, also ahead of the 5 year average of 35%. Illinois and Indiana continue to zoom through shelling corn while Iowa, Minnesota, and the Dakotas fall behind due to wet conditions. The USDA reports soybeans as 95% dropping leaves and that the crop is 38% harvested, lagging well behind the 5 year average of 53%. While Illinois and Indiana again are ahead of schedule for harvest, Iowa, Ohio, Wisconsin, and Nebraska have lagged behind significantly. For winter wheat, the USDA announced that the crop is currently 65% planted, slightly behind the 5 year average of 67%. Kansas and Oklahoma are notably behind schedule.

Soybean Planting In Brazil Is Making Record Pace

AgRural, a Brazilian consultancy, has reported that soybean planting in Brazil is the “fastest in history”, standing at 20% planted. The previous record for this time was 18% planted back in 2016. The Brazilian state of Mato Grosso is the largest producer of soybeans in the country and has excellent soil moisture and has seen very little delaying rains during planting. Mato Grosso is 34% planted for beans, rising nearly 20% from the previous week. First crop corn planting in Brazil is also pegged at 44% planted, well above the 5 year average of 38%.

Freezing Temps, Possible Showers And Snow Remain Possible From Oklahoma To Ohio

The National Weather Service has issued freeze warnings to counties along a line from the panhandle of Oklahoma all the way to Ohio. This area may also see several inches of rain over the next week. Freeze warnings are also in place in S Kansas, which may stress newly planted wheat, and E Iowa, and W Illinois, which may prevent saturated fields from drying out. Over the next week, the Western Corn Belt is forecast to be dry and warmer, with temps as high as the mid 60s.

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Magazine

Marketwatch: May, 14

US Corn Price Idx:ZCPAUS.CM

open: 7.804
high: 7.814
low: 7.6645
close: 7.695

US Soybean Price Idx:ZSPAUS.CM

open: 15.9114
high: 16.1872
low: 15.9059
close: 16.1359

US Hard Red Winter Wheat Price Idx:KEPAUS.CM

open: 12.1329
high: 12.3058
low: 12.0229
close: 12.2861

US Soft Red Winter Wheat Price Idx:ZWPAUS.CM

open: 11.1018
high: 11.1875
low: 10.977
close: 11.1619