Corn and soybean futures shot sharply higher on Tuesday, as the USDA confirmed ongoing delays in planting the 2019 crops. Wheat also finished with strong gains.
The USDA crop progress report on Monday put nationwide corn planting at just 30% complete as of Sunday, up 7 points on the week but behind 59% last year and 66% on average. In the second largest production state of Illinois, only 11% of the crop was in the ground as of Sunday, 71 points behind the average. Meanwhile, weather forecasts are mixed. The 7-day outlook shows rain in the western Corn Belt but just minimal amounts in the eastern belt. The 6-10-day outlook tilts wetter for the entire Corn Belt. July corn gained 12 ¼ cents to $3.68 ¾ and December was up 11 ¼ cents at $3.87 ¾.
At 9% complete as of Sunday, national soybean planting was up only 3 points on the week and well behind 32% last year and 29% on average. North Carolina is the only state where soybean planting is ahead of the average pace, and in South Dakota, producers have yet to even get a seed in the ground. The gains in soybeans came despite more bad news on the trade front, with the White House listing $300 billion more of Chinese goods for possible tariff hikes. July and November beans each jumped 29 cents to close at $8.31 ½ and $8.56 ½, respectively.
The strength in corn helped to buoy wheat futures. Meanwhile, U.S. spring wheat planters managed to find some dry ground last week with 45% of the crop in the ground as of Sunday, up 23 points on the week. July Chicago wheat was up 11 ½ cents at $4.48 ½, July Kansas City advanced 11 ¾ cents to $4.08 ¾ and July Minneapolis closed 5 ¼ cents higher at $5.23 ¼.
Live cattle futures ended lower today while lean hogs were higher.
Source: DePutter Publishing Ltd.
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