Stateline Cooperative Morning Comments May 16th 2022
Corn Up 14 @ 7.97
- Trader’s will be watching today’s Crop Progress report, expecting to see good planting progress this past week in all but Northern areas. The average pace for this week is 67%, while last week’s progress was only 22%.
- NOAA’s 6-10 and 8-14 day outlooks continue to project above normal precipitation for the Eastern 2/3 of the cornbelt, while cooler temperatures are expected.
- The December 2022/December 2023 corn spread jumped to a new contract high of $1.14 1/4 inverse overnight.
Beans Up 13 @ 15.99
- The NOPA Crush report will be released at 11:00am CT this morning; the average estimate is 172.37 million bushels of soybeans were crushed in April, which would be a record for the month.
- The average pace for soybean planting progress on this date is 39%, while last week’s progress was 12%.
- China’s June Dalian futures contract was 51 cents/bu higher last night.
- USDA announced Friday morning a sale of 132tmt of soybeans to China for 2021/2022.