Soybeans saw slightly higher values while wheat saw double digit losses. May & July corn closed 3/4 of a cent lower while May beans closed 1 1/4 cents higher, and July beans were up 4.75 cents. July CBOT wheat closed 13 3/4 cents lower with KC July wheat down 3 3/4 cents. The DJIA closed 146 points higher while June crude was down $1.15 at $82.70. May gold was up $6.30 at $2341.3/oz. The dollar index closed down 0.319 points.
Wheat had a corrective day lower which helped to pull corn values slightly lower. This was the first session since April 17 that July wheat had closed lower. Corn loadings were nearly 20 mil. bu. lower than LW which kept bulls on the sideline as well.
Corn export inspections came in at 48.3 million bu. vs 65.4 million a week ago. Nothing went to China while 14.7 mil. went to Mexico and 15.4 mil. went to Japan. YTD loadings are 1245 mil. bu. vs. 941 mil. a year ago, or a 35.6% increase from a year ago. Weekly loadings need to average 47.5 mil. to reach USDA projections of 2.100 bil. bu.
Soybean export inspections were 9.2 million bu. vs 16.3 mil. a week ago. Only 300,000 bu. went to China. YTD loadings are 1.424 bil. bu. vs 1.744 bil. bu. a year ago which is an 18% decline from LY. Weekly loadings need to average 15.3 mil. to reach USDA projections of 1.700 bil. bushels. The USDA lowered soybean export projections 20 mil bu. in the April S&D report.
The latest NWS 6-10 and 8-14 day forecasts both show mostly above normal temps and above normal precipitation for the period May 5 through May 13.
Corn planting progress report today showed U.S. corn progress at 27% which compares to 12% LW, 23% LY and 22% on average for this date.
Illinois showed planting progress at 25%, IA 39%, IN 8%, MN 30%, MO 63%, NE 22%, SD 13%, with ND & OH both at just 6% planted. The market was expecting 27% of U.S. corn planted as well. Below is the state by state planting map courtesy of StoneX.
The soybean planting progress report today shows U.S. soybean planting at 18% vs. 8% LW, 16% LY and 10% on average for this date. According to our records, this is the fastest planting pace on record. This does not surprise us too much, as producers have been opting to plant soybeans ahead of corn in recent years.
IL leads the major Midwest states at 26%, IA at 25%, MN at 14%, NE 10%, IN 8% and SD at 4% planted. OH is at 7% planted in soybeans. Market estimates were at 17%.
U.S. winter wheat conditions were rated 49% good to excellent which is down 1% from LW and compares to 28% G&E LY at this time. TX is 48% good to excellent, OK 46%, KS 31%, SD 48% and NE 63% G&E. 16% of winter wheat was rated poor to very poor unchanged from LW.
Friday’s CFTC data showed noncommercials in corn reduced net shorts from 204,857 to 160,168 contracts as of April 23 as prices moved higher, perhaps a sign of some doubt among market bears. With planting largely on hold in the U.S., December corn remains in a sideways trend. ECB planting is just again starting to make headway after finally drying out while the WCB has been slowed by weekend rain and storms.
The funds today were noted buying 10 mil. bu. of soybeans but selling 20 mil. bu. of wheat and 5 mil. corn. We mentioned earlier that this was the first day that wheat has closed lower since April 17. Since then, July CBOT wheat has rallied 83 cents at this past Friday’s highs.
Nearby beans are trying to build support off of the near double bottom made April 18 & 19 at $11.31 3/4. Corn meanwhile remains stuck in a sideways range.
