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Market Commentary

Afternoon Comments 06/17


After trading weakly Sunday night, the grain markets turned upward Monday. Nearby corn futures were almost surely boosted by talk of slow farmer selling, tightening spot markets and the weekly Export Inspections report. The latter stated the latest total at 14.144 million pounds, whereas traders were reportedly expecting something in the 6.0-8.0 million pound range. The nearby strength seemed to pull new crop prices higher despite improved weather forecasts. July futures surged 13.5 cents to $6.685/bushel at its Monday close, while December rose 7.0 cents to $5.40.
Market Info

Corn harvest finished, soybeans not far behind

Angela Bowman, Staff Writer  |   November 5, 2012
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In mid-August, the USDA began reporting corn harvest progress. Now, 12 weeks later, the Crop Progress report is showing corn harvest at 95 percent complete. It also indicates that this will be the last week corn harvest progress is reported, marking the end to the earliest harvest season ever in Crop Progress history dating to 1985.

Compared to last year (85 percent) and the five-year average (71 percent), producers across the country can start preparing for 2013, which hopefully will bring better conditions.

All but three states are nearly finished with corn harvest – Pennsylvania (72 percent), Ohio (74 percent) and Michigan (75 percent). Michigan made the biggest advances from last week, jumping by 18 percentage points. Ohio has reported the largest difference from 2011’s report, putting the state 45 percentage points above last year’s pace.

Looking back, it’s easy to see how what was to be a record-breaking crop quickly turned into devastation thanks to relentless drought and heat waves. This year’s corn harvest began well before any of the other years in the Crop Progress’ history.   

Soybean harvest isn’t far behind, reported at 93 percent complete. Once again, North Carolina is lagging behind the other reporting states and their pace from last year.  During this time in 2011, North Carolina reported 32 percent of soybeans harvested. This week, the USDA showed that the state had wrapped up harvest on just 26 percent of soybeans.

The USDA will continue to report progress on the soybean harvest through next week.

See how your state is doing here. 


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anonymous    
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November, 07, 2012 at 12:00 AM

DuPont Pioneer has contributed a lot.

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