As it gets closer to the May 25 crop insurance prevent plant date, acres in the Northern Plains will be watched more and more. To view this email as a web page,
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Corn
The Midwest will see much more sunshine than rain during the next two weeks, allowing plantings to soon be completed in much of the region, notes World Weather Inc. Ethanol production in week ended May 19 averaged 983,000 barrels per day (bpd), a 4,000 bpd decrease from the previous week and 3.1% below the corresponding week last year. Ethanol stocks fell another 1.5 million barrels to 22.041 million barrels, the lowest since the week ended No. 11, 2022. Ethanol stocks are 1.671 million barrels (7.0%) below year-ago. Soybeans
Export commitments are running 14.4% behind a year-ago, versus behind 14.2% last week. USDA projects exports in 2022-23 at 2.015 billion bu., down 6.6% from the previous marketing year. The national average soybean basis slipped 2 cents but remained 27 1/2 cents above July futures. Wheat
The Illinois Wheat Association conducted a survey of the state’s crop and found soft red wheat yields at 97.12 bu/acre vs the USDA estimate of 78 bu. The current state record is 79bu/acre. While Illinois is not a major wheat producer, seeing estimates come in well ahead of estimates was certainly not bullish for the market. Net sales reductions of 45,100 metric tons (MT) for 2022/2023--a marketing[1]year low--were up 7 percent from the previous week, but down noticeably from the prior 4-week average. Dozens of ships are unable to reach Ukraine, days after a Black Sea grain deal was extended and the pace of shipments is unlikely to pick up because of slow inspections and other uncertainties, Reuters reported, citing shipping data and sources. | | |
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