The weekly USDA Crop Progress reports were issued this afternoon and they showed a big jump (expected by the way ) in both corn and bean planting. The US Corn crop is now 59% planted compared to 26% a year. It has ahead of the 5 year average of 58%. That is a huge jump from last week's 29% planted.
I keep telling you how advancements in farm equipment have enabled today's US farmer ( the best in the world anywhere) to get their crop into the ground with incredible speed. Some of these guys are always ready to jam prices north as soon as they see the least bit of delay in planting but too many of them are stuck in the past.
Corn is 18% emerged compared to only 5% a year ago and the 5 year average of 25%. The crop is a bit behind but more seasonal temps should kick it higher.
Beans are now 20% planted compared to 5% a year ago and the five year average of 21%. A week ago only 5% of expected bean planting had been accomplished. Bean planting is essentially right on time and target.
Both numbers should provide some pressure to their respective pits but the price action during open outcry trading today took this into account to a large extent already. We will have to see if we get some additional downside in the Asian trade or if the numbers will provide only a bit of profit taking by bears.
Winter wheat showed 42% of the crop rated Very Poor to Poor, compared to 38% last week. That hot, dry weather took its toll on the crop. Traders expected to see this deterioration however with the thinking today being that the widespread rains over the weekend will keep the deterioration from worsening. Depending on the weather from this point out, we might have seen the worst of the winter wheat crop ratings.
It is 44% headed compared to last year's 28% reading and is just slightly behind the 5 year average of 46%. We might see wheat pop a bit higher in Asian trade off of these numbers. We'll have to see.
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