** by: Dr. Brian Williams **
Tuesday’s crop progress report showed that corn planting has nearly caught up with the 5-year average, but soybeans are still lagging behind. Soybean planting progress is currently at 44% for the U.S. crop and 46% for the Mississippi crop. That compares to 5 year averages of 61% and 88% respectively. July soybean futures closed up 14 cents on the day and up 34 cents on the week, with fears of reduced yields due to the slow planting progress. July corn finished up 8 cents at $6.62 to close the week 5 cents higher. Planting progress for corn is at 86% for the U.S. compared to a 5-year average of 90%. Wheat has held strong this week despite a bit of negative news. A few Asian countries have threatened to cut off imports of white wheat grown in the western U.S. after glyphosate resistant wheat was discovered earlier this week, although this is still a developing story that we will be watching closely. Nearby July wheat futures closed up 6 cents Friday to close the week 8 cents higher at $7.05/bu. The U.S. wheat crop is in much worse condition than a year ago with 38% of the crop rated at good to excellent, but Mississippi is in much better condition with 69% rated as good to excellent condition.
|Small Grains Prices|
|May 24, 2013||May 31, 2013||Change|
|Nearby Corn Futures||$6.57||$6.62||$0.05|
|Nearby Soybeans Futures||$14.76||$15.10||$0.34|
|Nearby Chicago Wheat Futures||$6.97||$7.05||$0.08|
*Mississippi prices are average May 30, 2013 prices from Greeneville, Belzoni, Greenwood, and Indianola.