Corn traded higher on the open today as weather concerns are starting to factor into the daily market discussion. The market started to turn lower after the noon weather maps looked a bit drier for the eastern belt and with active planting already occurring in the western belt corn ended $.04 lower. Today seemed like a fitting end to a blah week on the CBOT with futures ending up a penny compared to last Friday. There is much discussion in the trade about the rapid planting progress being seen west of the Mississippi with some guessing that the real planting number for Iowa will be close to 50% by Sunday and Minnesota and Nebraska very close to that progress. The likelihood that USDA will show this progress in their weekly planting report Monday seems remote but it is possible to see a jump to 30 or 35 possibly. The eastern belt is lagging significantly but some planting has been reported today in various parts of Illinois. The weekend weather looks relatively light for Illinois east so lets hope that holds true.
Soybeans struggled to hold early gains but did close slightly higher with old crop up $.02 and new crop up $.10 or so. For the week beans lost $.11 in the old crop May with new crop November down $.02. There continues to be support for beans from the pace of export sales with U.S. supplies replacing a deteriorating Argentine crop. The new crop was supported today on ideas that a lot of corn is getting planted in the western corn belt, hard to believe in this area with many conversations we are having with producers indicate a willingness to switch acres to beans if soil moisture levels don't improve. Too early for that to happen at this point, corn still seems to be the crop of choice locally.
Have a good weekend,
Phil Farrell
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