Friday afternoon, July corn closed up 14 ½ at $4.04 ¼, up 21 cents. December corn closed up 11 ¾ at $4.19 ¾, up 21 ½ cents from last Friday’s close.
July soybeans closed up 8 cents at $8.29 ¾, up 8 cents for the week. November soybeans closed up $8.56 ¼, up 9 cents for the week.
Concerns about the lack of planting progress continues to grow, especially in the Eastern Cornbelt. As of Sunday afternoon, Illinois was at 24% planted compared to 95% last year and the 5 year average of 89%. Indiana is at 14% complete compared to 86% last year and the 73% average. Iowa is staying closer to on-track, now at 70% complete vs. 86% last year and the average of 89%. With more rain in the forecast, it doesn’t appear a lot of catch-up will be happening anytime soon.
Details about Market Facilitation Payments were released this week, promising $14.5 billion in direct payments to producers of everything from sunflower seed to dairy. We are still waiting to hear more specifics, but one note is the payments will be made in 3 traunches, with the 2nd and 3rd ones evaluated as market conditions and trade opportunities dictate. The first one is expected in late July/early August.
Markets finished surprisingly strong going into a 3 day weekend. We encourage producers to continue putting offers in as we keep going up. Remember, the only way to take advantage of these weather rallies is to participate.
Please have a safe Memorial Day weekend, whether you are traveling or staying close to home.