Grain News: April 23, 2019 – Busy Planting? Open Offers Keep You in the Market
It did not rain on Easter Sunday, thus as weather lore goes, we should not have to worry about seven consecutive rainy Sundays! My family and I made our annual pilgrimage down to northern Illinois for Easter to be with family. I saw a decent amount of tillage equipment and planters rolling and taking advantage of the warm dry conditions.
Secretary Lighthizer and his team will be heading to China this week with a return for both delegations to Washington next week. Rumors are that a June date is targeted for a signing, but the market still awaits a signed trade agreement. The WTO ruled against China in last week’s decision which should motivate the Chinese negotiators to get a new trade deal done.
Corn planting 6% complete vs. 12% average and 6-8% estimated (IL 1% complete vs. 17% avg, IA 4% vs. 10% avg, IN vs. 5% avg, MN zero vs. 11% avg, WI 1% vs. 2% avg, NE 2% vs. 8% avg, SD zero vs. 3% avg, ND zero vs. 1% avg)
Soybean planting 1% complete vs. 2% average and 2% estimated
Winter wheat 9% headed vs. 18% average
Winter wheat 62% good/excellent vs. 60% last week
Spring wheat planted 5% complete vs. 22% average
Corn and wheat knocked it out of the park in yesterday’s export news, beans not so much!
Our agronomy team is going full bore to stay ahead of you and planting. That being said, if you have not put in your open offers yet, it is time to do so now. The next few weeks, you will be focused on planting your crops and getting home safely every night, not on marketing. Having an open offer in place will make sure you do not miss any bounce in these markets; allowing you to do what you do best, get the crop in!