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Tuesday was a mostly negative day for our markets.  Harvest corn closed down 4 1/4, harvest soybeans closed up 1/4, harvest winter wheat closed down 14 and harvest spring wheat closed down 11 1/2.  In the overnight trade corn and the wheat sector are now positive with soybeans mixed.  Oil closed down $0.64 yesterday at $60.89 per barrel.  It is stronger in trading this morning with it now valued at $61.42 per barrel.  Our dollar started out yesterday morning at $0.727 US and then trended lower going down to $0.723 US in the overnight trade.  It has bounced back just a bit this morning with it currently valued at $0.724 US.

Wheat prices pulled back yesterday with rains coming for the dry wheat growing areas in China and northern Europe.  Price controls that were put in place over the winter in Russia have ended and they have returned as the low cost provider to the world market.  This has helped to bring winter wheat back below the 20, 50 and 100 day moving averages on the CBOT.  Speculative funds still hold a large short position in this market as they continue to bet on prices going even lower.  This remains a very profitable investment for them as prices grind lower.

Yesterday the USDA released their Weekly Crop Progress Report.  They reported that corn planted acres increased 9% week over week to sit at 87% complete.  This remains ahead of both last year’s 81% and the 5 year average of 85% planted.  They also reported a good to excellent rating of 68% for this year’s crop.  No comparison was available to last year as the first crop rating last year was not until June 4.

Soybean plantings increased 10% week over week to sit at 76% planted.  Last year at this time they only had 66% of the crop planted and the 5 year average is 68% planted.  They also report that 50% of this crop is now emerged.  This is up from 34% last week and is well ahead of the 37% at this time last year and the 5 year average of 40% emerged.  No crop rating was given for the soybean crop.

Spring wheat plantings are now reported at 87% complete.  This is up from 82% last week and is well ahead of the 5 year average of 80% planted for this time of the year.  They have given this crop only a 45% good to excellent rating.  Just like corn no comparative data was available from last year.

The good to excellent rating for their winter wheat crop decreased another 2% week over week to sit at 50%.  They also report that 75% of this crop is now headed.  This compares to 64% last week, 76% at this time last year and the 5 year average of 70%.

This report should be considered neutral to bearish for corn and soybeans with the crops getting planted in a timely fashion.  We should note that the lower than expected crop rating for corn could be supportive prices.  For both wheat crops the report is slightly bullish due to the weak good to excellent ratings. 

If you would like to talk about the markets or price some of your crop for the future or in store, please reach out to us via phone or email to info@northgowergrains.com. Prices quoted herein are for product at our elevator.