TFM Morning Update 05-02-2023

CORN

Corn is trading slightly higher after prices reversed on Friday and have been trying to work higher since.
Yesterday afternoon the USDA released their crop progress report which showed corn at 26% planted which is in line with the 5-year average. Iowa is at 29% complete and Illinois at 40%.
Strong winds blew through the Midwest yesterday causing dust storms, and one in Illinois caused a 100-car pileup. There are currently red flag warnings in Minnesota.
Barge traffic has been closed along the Mississippi River due to high water levels impacting the already slow export business.

Soybeans are higher again which would make it the third day in a row if the trend continues. Export inspections were good and domestic demand has been robust.
The USDA reported that 19% of the soybean crop is planted which is well ahead of the 5-year average of 11% for this time of year. Illinois is at 39% complete and Iowa is at 16%.
Both soybean meal and oil are higher and supporting soybeans, and soybean oil continue to work higher despite declines in crude oil.
The Fats and Oils report from NASS showed both soybean oil and soybean meal stocks down 7% from a year ago.

Wheat is trading slightly higher and is trying to find a bottom after is fell to its lowest levels since mid 2o21.
Last week’s rain in some of the southwestern Plains was not enough to significantly help the winter wheat crop with the USDA reporting an increase of only 2% in the good to excellent rating to 28%.
The poor to very poor rating for winter wheat increased from 41% to 42% with the ratings for Kansas even worse and increasing from 62% to 64%.
The USDA has said that 12% of the spring wheat crop has been planted, below the 5-year average of 22%. Warmer temperatures this month should help increase that number, but a lot of prevent plants are likely.

Amanda Brill