Lunes, 29 May, 2017

Dry weather lets Minnesota farmers catch up on planting

Wisconsin, Minnesota farmers get a boost on planting with warm, sunny weekend weather Funds Dial Back on Bearish Wheat, Soy Bets but Leave Out Corn
Manuel Armenta | 19 May, 2017, 20:30

According to reports released by the U.S. Department of Agriculture, Wisconsin was able to jump from having 15 percent of the corn crop planted last week to almost half this week, getting things in line with the five-year average.

"That makes the June 30 acreage report from NASS more interesting", he said.

In the reporting week (May 4-11), CBOT corn prices continued to go down (-1.58%). Cold temperatures caused some frost damage for corn and soybeans. After months of snow and rain the sun broke through the clouds and the wet soil started to dry. There were 1.7 days suitable for fieldwork in Ohio during the week ending May 14, according to Cheryl Turner, Ohio State Statistician with the USDA's National Agricultural Statistics Service. Last week it was 27%.

"The farmers in Mato Grosso are selling, taking advantage of a rise in price", said Endrigo Dalcin, president of soy growers association Aprosoja in the state of Mato Grosso, which accounts for nearly 30 percent of Brazil's soy production. These included CT at 75%, ME at 76%, NY at 64%, and Vermont at 60%.

"The big story in Brazil was, When would they sell?" said Soybean & Corn Advisor President Michael Cordonnier, an agronomist and expert on South American crops.

US soybeans fell more than 1 percent on Thursday as a drop in the Brazilian real stoked expectations that South American farmers would increase sales. Monday through Wednesday last week we kind of got along planting. Some producers were hoeing corn to help with emergence issues. Corn emerged was at 47 percent, compared to 61 percent last year and the 5-year average of 50 percent. By this point in the year, about 31% of the new crop has emerged.

"I would not be surprised to see volatility in the real and soybeans increase as this [Brazilian scandal] plays out", said Benson Quinn Commodities.

For the 2017 crop year, USDA Risk Management Agency reveals that 23 million wheat acres are covered under crop insurance policies. The states that have managed to outpace last year's rate include Arkansas, Indiana, Kansas, Louisiana, Mississippi, Nebraska, Ohio and South Dakota.

The three states where none of the crop has emerged yet are Michigan, Minnesota and Wisconsin.

July Minneapolis wheat futures were down about 3 percent during the period, but funds still hold a slightly bullish view of 4,670 contracts, a tiny extension over last week's net long of 4,377 contracts.

The process is nearly complete in several states, including Arkansas, California, Missouri, North Carolina, Oklahoma and Texas, said the department. If realized this would represent a 12.8% reduction in stocks in just one crop year. At this point past year 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. Wet conditions slowed wheat planting in the state earlier this spring. Headed was 32 percent, near 31 previous year, and ahead of 22 average.

Kansas wheat improved one point to 44% good/excellent. About 32% of the crop is in the ground, down from 33% a year ago and 35% on average.

The progress means planting is ahead of the five-year average for most major Minnesota crops. Livestock conditions were reported as good.

Barley is behind both were it was last year and the multi-year average for planting, the department said.