by JOHN BANCROFT
US Crop progress report:
Corn planting was in line with the expectations at 91% complete which is up 5% from last week and last year at this time planting was completed.
Soybean planting was on the lower end of expectations at 57% complete but up 13% from last week. Last year it was 93% completed and the 10 year average is 79%.
Spring wheat planting is 80% complete
U.S. crop conditions
Corn was rated at 63% good/excellent which compares to 72% last year and 69% on 10 year average.
Winter wheat was rated at 32% good/excellent which compares to 52% last year and 47% on 10 year average.
Crop prices:
Old Crop Corn closed yesterday at $6.5575 and New Crop Corn at $5.60
Old Crop Soybeans closed yesterday at $15.3250 and New Crop Soybeans at $13.2550
Wheat closed at $7.0875
Hamilton Soybean Meal was $574 to $583 per tonne
Corn, Soybeans and Wheat were all lower in the overnight market as of 6 am this morning, 3 cents, 10 cents, and 8 cents per bushel, respectively.
In the news:
The Andersons, Inc. and Lansing Trade Group announced yesterday they had entered into an agreement to acquire Thompsons Limited, a grain and food-grade bean handler and agronomy input provider, headquartered in Blenheim, Ontario, and operating through 12 locations across the province and in Minnesota. The acquisition is subject to certain customary closing conditions and is expected to close at the beginning of the third quarter. Check out www.andersonsinc.com and www.thompsonslimited.com for information on the companies involved.
Crop graph:
- To get your local soybean spot price, simply add your local basis
- i.e. new crop future $13.2550 + local basis of -$0.39 = $12.87/bu or $472.83/tonne
Disclaimer: This commentary is provided for information only and is not intended as advice