USDA Says US Corn Already 30% Planted
25/04/16 -- Soycomplex: Beans closed higher, and as close to $10 as you can get without actually being there, on front month May. Weekly export inspections of 279,310 MT were around market ideas. After the close the USDA put US 2016 soybean plantings at 3% complete, again in line with trade forecasts. May 16 Soybeans settled at $9.99 3/4, up 12 3/4 cents; Jul 16 Soybeans settled at $10.09 3/4, up 13 1/2 cents; May 16 Soybean Meal settled at $316.40, up $4.70; May 16 Soybean Oil settled at 33.90, down 9 points.
Corn: The corn market closed with fair gains. Weekly export inspections of 1.137 MMT were in line with trade ideas and pretty strong. Talk that Brazil will waste no time taking advantage of the reduced import tax on corn from outside the Mercosur trade bloc leans friendly. After the close the USDA said tha 30% of the US 2016 corn crop was already sown as on Sunday night, well ahead of the five year average of 16% and at the high end of pre-report expectations. They also said that that 5% of the national crop was emerged, 1 point ahead of the average pace. May 16 Corn settled at $3.77, up 5 1/4 cents; Jul 16 Corn settled at $3.81 3/4, up 6 1/4 cents.
Wheat: The wheat market closed with small gains. Weekly export inspections of 406,164 MT were fairly good as wheat goes. The USDA said that 26% of the winter crop was headed as of Sunday night, up 14 points from the week before, and 2 points ahead of the previous five year average. Winter wheat crop ratings were raised 1 point to 57% good to excellent, and up from 42% this time a year ago. Spring wheat planting progress reached 42% complete, up 14 points from the five year average. Jul 16 CBOT Wheat settled at $4.77 3/4, up 3 3/4 cents; Jul 16 KCBT Wheat settled at $4.73 3/4, up 1/4 cent; Jul 16 MGEX Wheat settled at $5.37 1/2, up 4 1/4 cents.
