Crop Progress

Corn Lower, USDA Shows Slower Than Expected Planting

Corn futures ended Monday with fractional to 2 3/4 cent losses in the front months and gains in deferred contracts. After the close, NASS indicated that just 67% of the US corn crop was planted as of Sunday, moving 9% from last week. That was below most estimates and is 29% behind the 5-year average. That leaves 28.6 million acres left to plant among the 18 NASS reported states, when comparing to the March Intentions report. US corn emergence was reported at 46%, which lags the normal pace of 84%. The monthly Grain Crushing report showed 440.48 mbu of corn used for ethanol in April. That was slightly above March as crush pace picked up but was down 1.09% from last year. USDA showed 743,077 MT of corn shipped in the week of May 30 via their weekly Export Inspections report. That was less than half of the same week last year and 33% below the previous week. YTD exports are now below a year ago at 39.326 MMT (1.55 bbu). USDA also reported a total of 59,999 MT of sorghum was shipped to China.

Soybeans Squeeze Out Gains on Monday

Soybean futures managed to close the Monday session with the front months 1 to 2 cents higher. July soy meal was down 80 cents/ton, with soybean oil 25 points higher. NASS reported that 39% of the US soybean crop was planted as of June 2, lagging most estimates. That was a 10% shift on the week, with the average pace at 79%. The crop was also shown at 19% emerged vs. the 56% average. The monthly Fats & Oils report from USDA indicated 171.54 mbu of soybeans crushed in April, above estimates of 170 mbu. That was slightly lower than a year ago and 4.39% below March. Total soy oil stocks were shown at 2.258 billion pounds. The weekly Export Inspections report indicated that 498,771 MT of soybeans were shipped during the week that ended on May 30. That was a 6.81% drop from the week prior and down 13% from this week in 2018. A total of 334,290 MT (67%) went to China.

–provided by Brugler Marketing & Management