Monday Afternoon Comments (6/17/19) Corn futures gapped higher again overnight only to see the gap filled during the day session. That makes the 3rd Sunday night in the last 5 weeks that corn gapped higher on the open. The two nearby months traded slightly lower at one point today. Rain over the weekend and a wet forecast for this week offered support to corn again today. Corn planting is basically over as the wet weather and the late planting date has stopped planters from running in most parts of the Midwest. The focus will shift from prevent plant to crop conditions. In the crop progress report this afternoon, corn planting is expected to be around 90% complete versus 83% last week. Corn conditions are expected to be 1 to 2% points better this week than last week’s 59% good to excellent. The western corn belt will lead in corn ratings as rains were less heavy that direction. The eastern belt needs warmth and sunshine on the bit of corn that is planted. Export inspections this morning came in at 25.7 Mln. Total inspections stand at 1.607 Bln. bu. but need to average 53.9 Mln. bu. per week to reach the goal of 2.200 Bln bu. Competitive corn prices in South America continue to limit the export demand out of the U.S. Nearby futures, basis, and spreads were supported late last week to try and encourage cash movement. Producer and elevator selling has slowed due to the concern over crop size. This strength abated a little today as the new crop months gained on the old crop today.
Soybeans closed firmer today as the wet weather forecast continues to offer support. There is growing talk that up to 2 Mln. acres of beans may not get planted. Rain fell across the Midwest again this weekend and the week-long forecast looks very wet again from Missouri to Ohio. The late plant date has passed in the west and the east will see their date come up on June 20th. It is likely that many producers will plant beans towards the end of the month. Bean planting progress is expected to be 80% done in this afternoon’s report versus 60% last week. There is not expected to be a crop condition rating on beans until next week. Soybean inspections totaled 24.8 Mln. bu. Total inspections stand at 1.309 Bln. bu. and need to average 35.5 Mln. bu. per week to reach the USDA goal of 1.700 Bln. bu.
6/11 USDA Crop Production and Supply & Demand Reports