Slow Crop Progress Ignites Grain Markets
May 14, 2019
Good Morning from Allendale, Inc. with the early morning commentary for May 14, 2019.Grain market traders watched markets start off sharply lower and strongly rebound into the close as the forecast showed more wet weather and cool conditions over the next few weeks prompting some to speculate whether farmers might plant less corn, or switch some acres to soybeans, which can be seeded later in the season.China announced it will impose higher tariffs on most U.S. imports on a revised $60 billion target list starting June 1, hitting back at a tariff hike by the U.S. The additional tariff of 25% will be levied against 2,493 goods including liquefied natural gas, soy oil, peanut oil, petrochemicals, frozen vegetables and cosmetics, the ministry said, and of 20% on 1,078 products.President Trump said he has not made a decision to go ahead with tariffs on another $325 billion in goods from China and said he plans to meet with Chinese President Xi Jinping at the G20 summit next month. "We're dealing with them. We have a very good relationship. Maybe something will happen. We're going to be meeting, as you know, at the G20 in Japan and that'll be, I think, probably a very fruitful meeting" Trump said.President Trump said his administration was planning to provide about $15 billion in aid to help U.S. farmers whose products may be targeted with tariffs by China amid a deepening trade spat. We're going to take the highest year, the biggest purchase that China has ever made with our farmers, which is about $15 billion, and do something reciprocal to our farmers so our farmers can do well," Trump told reporters.Weekly Crop Progress report was released with corn planting at 30% complete (35% estimate, 23% last week, 62% last year and 5-year average of 69%). Soybean planting at 9% (15 estimate, 6% last week, 35% last year and 5-year average of 26%). Hard red Spring wheat planting at 45% complete (35% estimate, 22% last week, 58% last year and 70% 5-average)....MORE
Also at AgWeb: "70% of Corn, 91% of Soybeans Not Yet Planted"
And from the USDA:
Crop Progress
ISSN: 1948-3007
Released May 13, 2019, by the National Agricultural Statistics Service
(NASS), Agricultural Statistics Board, United States Department of
Agriculture (USDA).
Corn Planted - Selected States
[These 18 States planted 92% of the 2018 corn acreage]
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: Week ending :
:-----------------------------------:
State : May 12, : May 5, : May 12, : 2014-2018
: 2018 : 2019 : 2019 : Average
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: percent
:
Colorado ........: 37 21 39 49
Illinois ........: 88 10 11 82
Indiana .........: 69 3 6 57
Iowa ............: 61 36 48 76
Kansas ..........: 65 41 46 67
Kentucky ........: 59 42 55 67
Michigan ........: 31 3 5 34
Minnesota .......: 36 6 21 65
Missouri ........: 89 49 52 87
Nebraska ........: 68 35 46 72
North Carolina ..: 90 73 88 91
North Dakota ....: 31 3 11 43
Ohio ............: 50 2 4 47
Pennsylvania ....: 27 17 26 38
South Dakota ....: 19 - 4 54
Tennessee .......: 83 65 79 87
Texas ...........: 82 70 75 78
Wisconsin .......: 28 7 14 46
:
18 States .......: 59 23 30 66
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- Represents zero.
...MUCH MORE (13 page PDF)
