Corn and soybean prices are lower, while wheat futures continue higher. Minneapolis wheat is again posting new contract highs. Weather over the weekend was open for much of the Corn Belt, and rapid planting progress is being reported. The improved weather and lower stock market are taking the corn and soybean markets lower. Wheat is higher on disappointing yield reports from India, dry weather in the southern plains, and wet conditions in North Dakota.
Around the world stock prices are lower; the grain markets in China are steady to higher with wheat futures on the Matif exchange in Europe are higher, and are now trading at new all-time highs.
The USDA Report last Monday showed 2022 U.S. corn is 14% planted compared to 42% last year and 33% average. Corn emergence is 3% compared to 7% last year and 6% average. The growing season starts when the corn emerges and emergence will be slow this week due to cool temperatures. Looking ahead to the report today I look for corn planting to advance to 25%.
For soybeans, the USDA report last Monday showed the 2022 U.S. soybean crop is 8% planted compared to 22% last year and 13% average. Next week, I look for nationwide soybean planting to jump to 18% complete. The eventual soybean acreage will depend on what happens with corn planting in the northwestern Corn Belt and what happens to spring wheat acres.
At this time, July corn is down 6¢, with December corn trading 11¢ lower. July soybeans are down 19¢, with November down 20¢. Wheat futures are 4¢ to 12¢ higher. The bull spreads continue to work in the corn and soybean markets.
No help from the outside markets so far today, crude oil is down $2.90 per barrel, the US stock market is lower with the Dow now down 390 points, and the U.S. dollar is higher again.
About the Author: Al Kluis has been a commodity advisor and broker since 1976. Kluis is an introducing broker with Wedbush Futures and writes a column, Your Profit, which appears in every issue of Successful Farming magazine. Kluis has published two books on commodities trading and is commonly quoted in major publications including the Wall Street Journal. He is also a featured speaker at commodity conferences nationwide. Kluis is a frequent market analyst for the Linder Farm Radio News Network. A Minnesota farm boy, Kluis was awarded his degree in ag economics from the University of Minnesota in 1974, after which he was executive director of the Minnesota Soybean Association before entering the markets full-time. His family still farms in southwest Minnesota, and Kluis enjoys helping with fieldwork when the markets allow.