Good Morning from Allendale, Inc. with the early morning commentary for June 4, 2019....MORE
Grain markets jumped higher in the overnight session after the USDA reported that planting was well behind the average pace for this time of year. As of this writing corn is up 7, soybeans up 11, and wheat down 3. Wet weather continued to plague U.S. farmers last week, especially in the Eastern Corn Belt, as planting progress for corn and soybeans failed to advance as much as needed given the already slow pace. The Crop Watch growers in Illinois, Indiana and Ohio also reported limited progress being made as well.
Weekly crop progress report was released with corn planting at 67% (71% estimated, 58% last week, 97% last year and 97% 5-year average). Soybean planting at 39% (42% expected, 29% last week, 87% last year and 75% 5-year average). Hard red Spring wheat planting at 93% (93% expected, 84% last week, 97% last year and 97% 5-year average).
U.S. Congress approved legislation providing $19.1 billion in emergency funding for disaster recovery efforts throughout the U.S., including Puerto Rico, sending it to President Trump to sign into law. Final passage came as the Democratic-led House of Representatives voted 354-58 for the measure, which lawmakers and Trump had haggled over for months. It was approved by the Republican-led Senate late last month, and President Trump has said he supports it.
Estimated fund positions (as of 5-31-19) showed managed funds long 4,300 corn contracts, short -114,000 soybean contracts, short -27,800 wheat contracts, short -12,400 soymeal contracts and short -59,200 soyoil contracts....
And from the U.S. Department of agriculture:
Crop Progress
ISSN: 1948-3007
Released June 3, 2019, by the National Agricultural Statistics Service
(NASS), Agricultural Statistics Board, United States Department of
Agriculture (USDA).
NASS Survey Update!
In the first two weeks of June, NASS will gather information
about this season's crop production, supplies of grain in
storage, and livestock inventory. The information will help
producers, suppliers, traders, buyers and others make informed
business decisions. The results will be available on June 27 in
the Hogs and Pigs report and on June 28 in the Acreage and Grain
Stocks reports. Farmers should watch for their surveys and be
sure to respond. Your information matters!
Corn Planted - Selected States
[These 18 States planted 92% of the 2018 corn acreage]
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: Week ending :
:-----------------------------------:
State : June 2, : May 26, : June 2, : 2014-2018
: 2018 : 2019 : 2019 : Average
-----------------------------------------------------------------
: percent
:
Colorado ........: 95 71 78 93
Illinois ........: 100 35 45 98
Indiana .........: 98 22 31 94
Iowa ............: 99 76 80 99
Kansas ..........: 96 70 79 93
Kentucky ........: 93 82 87 93
Michigan ........: 78 33 42 87
Minnesota .......: 97 66 76 98
Missouri ........: 100 65 69 97
Nebraska ........: 99 81 88 98
North Carolina ..: 99 95 97 98
North Dakota ....: 94 63 81 93
Ohio ............: 89 22 33 90
Pennsylvania ....: 73 66 74 83
South Dakota ....: 96 25 44 96
Tennessee .......: 98 93 95 98
Texas ...........: 95 93 96 95
Wisconsin .......: 88 46 58 91
:
18 States .......: 96 58 67 96
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Corn Emerged - Selected States
[These 18 States planted 92% of the 2018 corn acreage]
-----------------------------------------------------------------
: Week ending :
:-----------------------------------:
State : June 2, : May 26, : June 2, : 2014-2018
: 2018 : 2019 : 2019 : Average
-----------------------------------------------------------------
: percent
:
Colorado ........: 70 25 49 73
Illinois ........: 91 20 32 91
Indiana .........: 88 10 18 80
Iowa ............: 89 42 58 91
Kansas ..........: 89 49 60 81
Kentucky ........: 79 65 74 81
Michigan ........: 58 7 17 63
Minnesota .......: 84 21 48 87
Missouri ........: 95 51 59 93
Nebraska ........: 90 50 67 88
North Carolina ..: 97 89 94 95
North Dakota ....: 61 8 27 68
Ohio ............: 77 8 18 73
Pennsylvania ....: 47 42 59 63
South Dakota ....: 76 2 13 80
Tennessee .......: 94 81 88 94
Texas ...........: 90 81 85 89
Wisconsin .......: 71 11 28 72
:
18 States .......: 84 32 46 84
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Soybeans Planted - Selected States
[These 18 States planted 95% of the 2018 soybean acreage]
-----------------------------------------------------------------
: Week ending :
:-----------------------------------:
State : June 2, : May 26, : June 2, : 2014-2018
: 2018 : 2019 : 2019 : Average
-----------------------------------------------------------------
: percent
:
Arkansas ........: 90 42 54 79
Illinois ........: 93 14 21 84
Indiana .........: 93 11 17 80
Iowa ............: 91 32 41 89
Kansas ..........: 77 22 26 53
Kentucky ........: 64 38 49 53
Louisiana .......: 97 82 91 93
Michigan ........: 62 23 31 73
Minnesota .......: 91 35 51 90
Mississippi .....: 92 65 80 89
Missouri ........: 84 12 18 63
Nebraska ........: 94 56 64 87
North Carolina ..: 53 52 58 55
North Dakota ....: 86 46 70 83
Ohio ............: 79 11 18 76
South Dakota ....: 83 6 14 82
Tennessee .......: 68 49 64 60
Wisconsin .......: 77 20 34 78
:
18 States .......: 86 29 39 79
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...MUCH MORE
