Grain Express 05/17/22
Posted: May 17, 2022, 7:47 a.m.
Corn (July)
Fundamentals: Yesterday’s crop progress report showed that U.S. corn planting is 49% planted, within the range of analyst estimates, but behind the average pace of 67%. We have not seen the delay as a big issue, as planting windows continue to open up for the bigger laggards. For an example, Illinois, Indiana, and Iowa were 43%, 28%, and 49% behind their average pace last week. This week they are only 15, 14, and 23% behind their average pace, and closing the gap.
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Soybeans (July)
Fundamentals: Yesterday’s weekly crop progress report showed U.S. soybean planting at 30% complete, up from 12% in the previous week. Illinois, Indiana, and Iowa made significant progress. Minnesota remains a major laggard, with just 11% of the crop planted, 36% behind their average pace. Yesterday’s NOPA crush report came in at 169.788 million bushels, below the average estimate of 172.37, but up nearly 6% from last April.
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Wheat (July)
Fundamentals: Yesterday’s weekly crop progress report showed spring wheat is 39% planted, 4% behind the average estimate. Winter wheat is 48% headed, with a good/excellent rating at 27%, 3% below the average estimate.
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