U.S. Corn Market Outlook: Looking Past The May WASDE Report


Eighty-four percent of the state's corn crop is now planted, 46 percent of its soybeans and 93 percent of its spring wheat. As of Sunday, spring tillage was 71 percent complete across the state, which is still more than a week behind last year, but three days ahead of the five-year average.

Minnesota - 47 percent on May 14, compared with the five-year average of 40 percent and 4 percent on May 7.

Soybeans planted was at 23 percent.

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The weekly report is also available on the Iowa Department of Agriculture and Land Stewardship's website at www.IowaAgriculture.gov or on USDA's site at www.nass.usda.gov/ia. Still a little corn and bean replant going on from previous rains, but we're happy to be back on track. The eastern Corn Belt states are behind in soybean planting, but western states are now ahead. At this point a year ago about 63% of the crop was considered good or excellent and just over half the crop has earned that rating at this point for 2017.

The USDA's May 1st, Crop Progress report showed that 13 percent of the winter wheat crop was in poor or very poor condition but 6 percent higher than the prior year level.

The most active soybean futures on the Chicago Board Of Trade fell 1.1 percent to $9.64-3/4 a bushel by 0040 GMT, near the session low of $9.63-3/4 a bushel - the lowest since May 15. Winter wheat condition was rated 7 percent very poor, 14 percent poor, 27 percent fair, 45 percent good, and 7 percent excellent.

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Temperatures averaged 67.5 degrees, 4.6 degrees above normal. Pasture condition is rated 82% good to excellent, with most livestock reported as being out in pastures. For the 2016/17 marketing year, USA wheat yields were record-high at 52.6 bushels per acre and wheat production climbed by 12 percent last year. The most widespread warm weather arrived on May 13-14, with highs in the 80s almost statewide on both days. Meanwhile the reporting week began with dry weather on Sunday (7th). Showers and thunderstorms were scattered over the southwest one-half of Iowa the morning of May 8, with locally heavy rain of 1 to 2 inches near Denison southeast to Creston. Additional storms developed Monday afternoon and night across the northeast one-third of the state although only a few localized areas picked up more than one-third of an inch of rain with these storms.

"Lighter rain amounts of 1-2.5 inches cover 80% of Iowa 75% of eastern Nebraska, and 75% of Kentucky, Indiana, Ohio, Illinois, Wisconsin". The remainder of the week was dry. Precipitation averaged 0.82 inches statewide, 0.19 inches below normal.

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