Grain News – USDA Report Out at 11 A.M.
After a drier than forecasted weekend and more planting progress than expected, the initial trade was lower yesterday but as funds and end users positioned for what promises to be a news filled and volatile day of trade with the USDA S&D report due out at 11:00 am.
News that the U.S. and Mexico reached a deal late last week to avoid a fresh round of tariffs had a positive reaction on Wall St. Monday, with the Dow rising another 90 points in afternoon trading to move back over 26,000 points. Energy futures tracked lower, with crude oil down more than 1%, while gasoline and diesel sustained more modest losses this afternoon. The U.S. Dollar firmed slightly.
Corn planting 83% (leaves about 15.77 million acres of corn left to plant)
Bean planting 60% (leaves 33.8 million acres left to plant)
Corn rated 59% (good/excellent, better than anticipated)
This week’s export inspections showed Chinese buyers continuing to take delivery of previously bought purchases, accounting for another 14.8 million bushels. Worldwide, China’s soybean imports in May topped 270 million bushels. The world’s largest soybean importer has bought more than 1.166 billion bushels so far in 2019.
This year, for a lot of you, means having to take Preventive Plant on some or all of your acres. If you have any questions or concerns, please stay in contact with your Grain Marketing Specialist. We are here to assist and guide you through what is proving to be a most unusual crop year for all of us.