Sunday Night 060919
The grain markets are expected to open Steady to mixed tonight. Weather is looking a little more promising for planting this week and the area east of Indiana made some planting progress this weekend which could weigh on the market. News Friday that the US and Mexico worked out an immigration plan that was acceptable to President trump will be a relief to the market. The market was under pressure Friday due to his threat to implement a 5% tariff on the US biggest corn and pork buyer this week. Early thoughts for Monday’s crop progress is corn planting 80-85% complete vs 67% last week, 100% LY and the 5 year average of 100%. Soybeans plantings are expected at 55-57% vs 39% last week, 93% last year and 5-year average of 84%. The first corn condition rating of the year will be out as well. The range of estimate for the G/ E category range from a low of 48% to a high of 62%. The first rating last year had the crop rated at 79% G/E, the 5-year average is 73%. On Tuesday the USDA will be releasing updated WASDE numbers with the big debate being will the USDA lower corn acres and yield and by how much. due to the wet spring.
By Jim McCormick
Jim McCormick
AgMarket.Net Branch Manager
Farm Division of John Stewart & Associates
4628 Joyce Lane
McHenry, IL 60050
Desk 815-665-0461
Cell 815-861-3064
Twitter @jpmccormick3
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