May 29th Planted Progress, Caught Up To Averages

May 29th Planted Progress, Caught Up To Averages

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The USDA Planted Progress report has just been released and the progress report now puts 2022 plantings at around the five-year average. Sugar beets are continuing to plant behind average time-frames as Minnesota and North Dakota struggle with weather delays. Per the USDA report, corn, soybeans, and other silage are looking about in target.

Wheat condition continues to be an issue year over year for the winter crop, but the headings are coming along nicely. Spring wheat planting still lags the five-year average coming in at 73%, with the five-year average of 92% at this stage in the current year. Wheat plantings will continue, as the crop prices due to the consequential issues on agriculture blockage of Ukraine exports is keeping milled flour future prices high.

Commodities markets are currently down and also closed. I continue to listen to commodities traders, grain elevators, and those deep into the agriculture commodities business. The more I learn, the more I see that commodities traded in Chicago have only a few touch points to the actual crop traded and the speculative forces are highly at play. Potentially, the better indicator would be bushels supplied/reaped, which we should be able to predict once emergence and condition are assessed. To that end, emergence is looking very good and the condition is wet in the north and dry in the south. West Texas has still struggled with lack of rain, so cotton will be an issue. As I had stated previously, Texas and crops planted in February or March in the south are now or have already been harvested. Cornbelt has been getting somewhat steady rains, and everyone east is doing fine, or a little more than fine. Weather is sporadic all thought the country, however, all eyes will definitely be on the wheat crop this year.

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Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

Originally Posted on: https://seekingalpha.com/article/4515691-may-29-planted-progress-caught-up-to-averages?source=feed_tag_commodities
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