Grain Express 05/24/22
Posted: May 24, 2022, 8:01 a.m.
Corn (July)
Fundamentals: Yesterday’s Crop Progress report showed that the U.S. corn crop is 72% planted, 3% ahead of expectations and just 7% behind the average pace. 39% of the crop is emerged. Major delays in North Dakota and Minnesota are still a concern. North Dakota, the 11th largest corn producer last year is just 20% planted, 46% behind average pace. Minnesota, the fourth largest corn producers last years is 60% planted, 26% behind the average pace.
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Soybeans (July)
Fundamentals: Yesterday’s Crop Progress report showed the U.S. Soybean planting progress at 50% complete, a notch ahead of expectations and just 5% behind the 5-year average pace. 21% of the crop is emerged. As with corn, North Dakota and Minnesota are the big laggards. They are 7% planted and 32% planted; 40% and 36% behind their average pace.
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Wheat (July)
Fundamentals: Yesterday’s Crop Progress report showed the U.S. spring wheat crop is 49% planted, 7% slower than analysts were expecting. Last year at this time, the crop was 93% planted. 29% of the crop is emerged. Winter wheat good/excellent ratings are at 28%, inline with expectations, which is up 1% from last week.
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