FC Morning Grain Market Commentary for 5/28/2013

AM Comments 05/28/13

Tuesday, May 28, 2013, 7:51 am
Submitted by: Dustin Weiner

Good morning!

 

Our markets are higher this morning with the main topic of conversation being weather.  The wet weather across most of IA and central Illinois and Indiana will slow whatever planting is left to be done.  A good portion of Iowa (and Western Illinois) received 3+ inches of rain over the long weekend.  Now the local forecasters here in Central Iowa are calling for 3-5” of additional rain this week.

 

So where do we go from here?  Well… it will be a bit of a battle.  I would say that a large percentage of producers across the corn belt see these recent rains as beneficial to their crops.  This in many areas is viewed as a “timely rain”.  On the flip side there are parts of Iowa for example that may only be 70-80% planted on corn.  What will the producer do with those acres?

 

This afternoon the planting progress report will be out – the trade is expecting it to show the U.S. 85-90% planted on corn and 45-50% planted on soybeans.  One way to look at this is that the higher the number of acres planted, the more bearish this wet weather has been (or will be).

http://www.fccoop.com/markets/commentary_detail.cfm?CommentaryID=1723