Afternoon Comments 6/17/2013
Monday, June 17, 2013, 3:45 pmSubmitted by: Kyle Lehman
-->
Markets were mixed today with corn trading higher while soybeans spent most of the day lower to finally close a penny higher (new crop down 13 cents). Corn planting progress will no longer be published so the market will shift focus to crop condition ratings. 64% of the corn crop is said to be in the Good/Excellent category vs 63% last week and 63% on average. The Iowa corn crop fell 2% to 50% G/E this week. The eastern corn belt has been the bright light this spring in terms of planting progress and now crop conditions (Ohio is 81% g/e, Pennsylvania 83%, and Indiana 73%).
Soybeans are said to be 85% planted this week vs. 71% last week and behind the 5 year average of 91%. Iowa soybeans are 77% planted vs. 60% last week. Only Michigan is 100% planted followed closely by Nebraska at 99%. Extended forecasts look dry until late this week when wet weather is expected to be scattered throughout the Midwest.
No comments:
Post a Comment