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Market Commentary

Afternoon Comments 05/24


Corn futures performed well early this week, especially in the wake of the bearish Crop Progress report released Monday afternoon. Thus, it was not terribly surprising to see prices dip Friday morning, since lots of traders were probably moving to the sidelines before the long holiday weekend. Resurrected talk of rainfall over the northern Plains and the Great Lakes region may have supported deferred futures. July corn slipped 4.75 cents to $6.5725/bushel at its Friday close, while December bounced 1.75 cents to $5.365.
Market Info

Corn planting nearly complete in Southeast states

Brett Wessler, Staff Writer  |   May 8, 2012
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Warm temperatures early in 2012 have allowed farmers to plant corn at a rate more than twice as fast as the previous year with three states in the Southeast over 90 percent complete.

The Crop Progress report for the week ending May 6 shows 71 percent of corn has been planted, increasing by 18 percentage points over the previous week. Planting is nearly finished in Tennessee, North Carolina and Kentucky who are 98, 94 and 92 percent complete respectively.

Colorado showed the largest week-to-week gain, increasing 36 percentage points to 58 percent last week. Texas is the only state planting at a rate below its five-year average.

The report shows this year’s national corn plating rate is 39 percentage points higher than this time last year and 24 points above the 5-year average.

USDA statistics show 32 percent of corn has emerged, increasing by 17 percentage points from the previous week. Tennessee recorded 92 percent of corn in the state has emerged, leading all states. Wisconsin is the only state with no recorded emergence to date. The national corn emerged average is 19 percentage points above the 5-year average for the first week in May and 26 percentage points above the emerged average from this date last year.

The Crop Progress report reveals 24 percent of this year’s soybeans have been planted, doubling the previous week’s percentage and 18 points above this time last year. Soybean planting is led by Mississippi (74 percent) and Louisiana (62 percent). The largest week-to-week increase was seen in Nebraska where soybean planting increased by 23 points to 29 percent complete.


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