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Market Commentary

Midday Report 05/20


Talk of greatly accelerated corn plantings last week and again during the days ahead probably depressed deferred corn futures Monday. However, the morning combination of equity strength and U.S. dollar weakness, as well as the supportive result of the weekly USDA Export Inspections report seemed bullish for the nearby July contract. We suspect its recent failure to top its 50-day moving average has sparked technical sales. July corn fell 8.0 cents to $6.4475/bushel Monday morning, while December slipped 2.75 cents to $5.1675.
Market Info

Corn harvest halfway there

Angela Bowman  |   October 18, 2011
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Corn harvest in the top 18 producing states is just 3 percentage points shy of being 50 percent complete according to the USDA’s latest Crop Progress report. The report also showed virtually unchanged crop conditions from last week’s report.

Harvest Update

The USDA reported 47 percent of the nation’s corn has now been harvested, compared to 33 percent last week. As seen many times this year, the progress has lagged significantly behind last year’s pace. However, this week saw an improvement of 6 percentage points over the five-year average:

 

Corn Harvested:
18 States

This Week

47

Last Year

66

Last Week

33

5-Year Average

41

North Carolina (94 percent) and Tennessee (91 percent) reported the highest percentages of harvest corn, with Texas (87 percent), Missouri (86 percent) and Kentucky (80 percent) not far behind.

Following a rainy spring and late planting, Ohio remains significantly behind the other states with just 8 percent of corn harvested. Michigan is only slightly better with 14 percent of corn harvested.

Crop Progress

This week’s report saw little change from last week’s report:

 

Very Poor

Poor

Fair

Good

Excellent

This Week

7

12

28

41

12

Last Week

7

12

28

42

11

Wisconsin corn remains the best in the country 77 percent in “good” to “excellent” condition. Nebraska and South Dakota aren’t far behind with 75 percent and 70 percent in “good” to “excellent” condition. 

Texas crops continue to struggle with 68 percent in “very poor” to “poor” condition. None of their crop is in “excellent” condition and just 10 percent are in “good” condition.  North Carolina (53 percent), Kansas (48 percent) and Missouri (44 percent) also reported high percentages of corn in “very poor” to “poor” condition.

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Source: USDA/NASS


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