TFM Morning Update 05-21-2024

CORN

Corn is trading lower this morning giving back some of yesterday’s gains in turn around Tuesday action, but yesterday’s crop progress report showed that more planting has been completed than expected. Corn futures remain above their 100-day moving averages.
Yesterday afternoon, the USDA released its Crop Progress report which showed that 70% of the corn crop has been planted which compares to the trade guess of 68% and the 5-year average of 71%. 40% of the crop is emerged which compares to the 5-year average of 39%.
Yesterday’s export inspections for corn were good with the numbers in line with the average needed to meet the USDA’s export estimate. 47.4 mb were inspected which puts total inspections up 29% from last year.

Soybeans are trading lower this morning as well and at this point have given back about half of yesterday’s gains along with corn and wheat. Both soybean meal and oil are trading lower as well.
Yesterday’s Crop Progress report showed that soybeans were 52% planted which compares to the average trade guess of 49% and the 5-year average of 49%. Planting pace is now ahead of the 5-year average, and 26% of the crop is emerged which is ahead of schedule as well.
In Argentina, many farmers are holding out on sales for higher prices as rains drench the crop in Rio Grande do Sul. An estimated 31% of the country’s production which has been forecast at 49.7 mmt has been sold which is the slowest pace since 2014/2015.

Wheat is mixed this morning with Chicago trading slightly higher but KC and Minneapolis trading slightly lower. This follows yesterday’s crop progress which showed conditions slipping a bit.
49% of the winter wheat crop has been rated good to excellent which compares to the average trade guess of 51% and 50% last week. 69% of the crop is headed which compares to 57% a week ago and the 5-year average of 57%.
In spring wheat, 79% of the crop is estimated to be planted which was ahead of the average trade guess of 76% and well above the 5-year average of 65%. 43% of the crop is emerged which compares to 25% a week ago and the 5-year average of 33%.

Amanda Brill