Afternoon Comments 6/10/2013
Monday, June 10, 2013, 4:14 pmSubmitted by: Kyle Lehman
Markets were lower today after weekend precipitation was less than expected across the corn belt. All eyes will be on the weather event mid this week which is calling for small amounts of scattered rain. Planting progress released this afternoon showed corn plantings across the US at 95% complete vs. 91% last week and 98% on average. Iowa plantings are seen at 92% this week vs. 88% last week and 99% on average. Wisconsin is the trouble state this week at 81% vs. the average of 98%. Three states joined North Carolina in the 100% completed category this week (Nebraska, Colorado, and Ohio).
Soybean planting progress is seen at 71% this week vs. 57% last week and 84% on average. Iowa is considerably behind the pace at 60% this week vs. 44% last week and 95% on average. Only Ohio is outpacing the average at 94% complete this week. The planting windows are narrow this week but should allow some soybean planting progress to continue later this week especially if this next system breaks apart or doesn’t form at all.
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