COMMENTARY 5/24/17

We’ve been pretty fortunate on the lack of accum we’ve recv’d so far, but that second round comes through again for the weekend, especially for the South.  Temps look to warm up mid next week.  We still have at least 2 weeks before we can talk seriously about prevent plant.

CORN

UP 2

Quiet wth little new news.

 Planting Progress:

US YC PLANTED:    84% TW, 71% LW, 84% LY, and 85% AVG

IL YC PLANTED:    89% TW, 75% LW, 88% LY, and 90% AVG

US YC EMERGED:   54%TW,  31% LW,  58% LY, and 55% AVG

IL YC EMERGED:   67% TW, 47% LW,75% LY, and 69% AVG

BEANS

UNCHANGED

The forecast is still wet, but more beans are likely to be planted if it stays wet.  It’s hard to say how many SA beans have been traded since the Real value changed but the general consensus is at least 2.0 mmt.  So some movement is taking place.  The more they sell, the less there is need for US beans.

Planting Progress:

US YSB PLANTED: 53% TW, 32% LW, 53% TY, and 52% AVG

IL YSB PLANTED:    48% TW, 23% LW, 48% LY, and 52% AVG

US YSB EMERGED:   19%TW,  8 % LW,  20% LY, and 21% AVG

IL YSB EMERGED:   18% TW, 6% LW, 19% LY, and 23% AVG

WHEAT

UP 3

Fundamental direction is still dependent on weather. Cool conditions are adding bushels to some areas of the HRW crop and harvest is getting started in S OK.  There are more questions than answers right now and time will relinquish the answers.  KS is seeing mosaic outbreaks and that may reduce the crop over the next few weeks.

Planting Progress:

US WINTER WHEAT HEADED:   72% TW, 63% LW, 74% LY, and 67% AVG

IL WINTER WHEAT HEADED:    94% TW, 86% LW, 87% LY, and 77% AVG

US G/E CONDITIONS: 52% G/E, 51% LW, and 62% LY

IL WHEAT CONDITIONS: 44% G/E, 52% LW – Yet Another 8% drop!