Friday afternoon, July corn closed up ¼ cent at $3.70 ¾, up 9 ½ cents for the week. December corn closed up ¾ cent at $3.87 ¾, up 7 cents from last Friday’s close. July soybeans closed down 1 at $8.42 ¼ , down 24 ¾ for the week. November beans closed down ¾ cent today, 23 ½ off of last Friday’s close.
We saw some much needed strength in the corn market this week, climbing its way back from the hit it took following the March 29th Prospective Planting report. Some short covering in the funds and lagging planting progress seem to be the main drivers. Monday’s planting progress report showed the U.S. corn planting is 15% complete, with Iowa at 21% complete. Both of these are behind the 5 year average for where we would expect to be. Export sales this week showed we are maintaining the 22 million bushel/week pace needed to hit the USDA’s export projections for this year. While this week’s number keeps us on track for the year, it came in under where many in the trade expected and still well behind where we were at this time last year at 40.1 million bushels.
Soybean export sales continue to be disappointing, with this week’s export sales coming in at 11.5 million bushels. Normally around this time we would be hearing about weather concerns and logistics issues in South America, but we have yet to hear anything of that nature. As such, their production estimates are expected to be slightly higher in our next WASDE report, which comes out next Friday, 5/10, at 11 am.
Trade will continue to look at weather, trade news out of China and South America’s progress in the coming weeks. As you continue working in the field, don’t forget to touch base with your Grain Marketing Advisor about old crop and new crop price points. This is a great time of year to utilize offers to take advantage of those short rallies.