A dismal crop report has made the prices of corn and soybeans rise overnight. One of the issues driving the report are the disbursing planting trends due to cataclysmic weather events. Soybeans and corn were much higher in overnight trading, and experts predict, ‘it will get worse before it gets better.’The bottom line here, is that all planting levels are well below average for this time of year.
Reports indicate that at present time 85% of soybean crops have been planted. Compared to a 98% average for the last five years. According to the USDA 71% of all crops in the country are well below average. The USDA’s rated only 54% of soybeans crop in very good or excellent condition. A rep for the USDA said on any given year an average of 91% are rated as very good or excellent. Ten percent of the Soybean crops were said to be in poor or very poor condition.
Corn Fairing A Little Better But Still Below Average
Corn crops are about 96% complete, with 89% percent of corn that has become visible above ground. Last year it was over 99%t visible above ground by this time last year. The USDA rated 56% of corn crops in excellent condition, down from 59% last week. Last year at this time the USDA rated corn crops at 77% excellent condition at this last year. According to the government report, the incessant rain and colder temperatures this spring is to blame for these dismal figures. The May report has placed the price of soybeans at 6.5 cents to 9.15 cents, on the Chicago stock exchange. Corn futures were standing at $4.51 ¾ a bushel overnight which was a 0.5 cent raise. Wheat delivery in Kansas City went up a little from 5 ¾ cents to $5.48 ¼.
Corn Export Inspections Saw A Decline While Soybean & Wheat Assessments On The Rise
Expert inspections of corn saw a steady decline from week to week. According to the USDA,
Soybean and Wheat evaluations were on the rise. Government inspectors examined 617,740 metric tons of corn slated for overseas delivery. These figures dealt with seven days prior to June 20th. These numbers were a decline from the previous week, when the numbers were, 678,740. The government notes that these numbers are a decline from the same time last year. The crop report last year at the same time were, 1.54 million tons. In the Wheat examinations saw a slight rise from the figures in the prior week. The totals for Wheat presently are, 406,386 metric tons, the prior week they were, 382,371 tons set for overseas delivery. This figure is also an increase from the same time last year, when the number was 364,312 tons. Soybean examinations saw a very slight increase to 682,155 metric tons. This number is up from the prior week’s number of, 680,370. This number is also slightly higher than last year at this time, the number was 516,711 tons.