Apr 06, 2021

Ag Prices Firmer Across The Board With The Soy Complex In The Lead

Nationwide corn planting equalled last year and the average at 2% complete versus 3% expected

Initial Crop Progress As Expected

  • Nationwide corn planting equalled last year and the average at 2% complete versus 3% expected.
  • Texas is the furthest along, running at a 55% completion rate.
  • Cotton planting was 6% complete compared to 7% last year, and 5% average.
  • Oats were 23% planted versus 28% average, while sorghum was right at the average of 14%.
  • Spring wheat planting was 3% complete versus 2% expected, and in line with the average of 2%.
  • Winter wheat conditions met expectations at 53% good to excellent, but were below the 62% rating at this time last year.
  • By class, conditions in SRW areas were solidly above average, HRW conditions were slightly below average, while white wheat ratings were the lowest in six years.
  • FBN’s Take On What It Means For The Farmer: The central Corn Belt is experiencing above normal temperatures and limited rainfall, which should allow for US planting to get off to a fast start due to near ideal seeding conditions. Weekly condition reports may garner even more interest than usual as the potential for very tight grain and soy stocks leave little room for less than optimal results. Expect risk premium to remain a feature for new crop pricing.

Brazil’s Soybean Harvest Wrapping Up

  • AgRural reported that Brazil had harvested about 78% of its soybean crop as of Thursday, near the level harvested last year at 83%.
  • The top-producing state, Mato Grosso, has essentially finished harvest.
  • No major quality problems have been reported.
  • Rio Grande do Sul, which is further south, is still harvesting with progress behind average thanks to recent rains.
  • The agency sees Brazil cutting 133 million tonnes of beans this year.
  • Second season corn plantings essentially have wrapped up.
  • Brazil’s second corn crop accounts for about 75% of the total output.
  • The late planting season for corn has raised concerns about production potential of the country’s main exportable corn crop.
  • FBN’s Take On What It Means For The Farmer: The record harvest for Brazil is not a surprise and the country is aggressively shipping beans out. Harvest and planting season both have been running behind this year which has a greater concern for corn production potential rather than beans. The near-term weather forecast for Brazil is not favorable, but the corn crop has a long way to go.

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Kevin McNew

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Marketwatch: Jan, 18

US Corn Price Idx: ZCPAUS.CM

open: 5.7667
high: 5.8486
low: 5.7266
close: 5.8288

US Soybean Price Idx: ZSPAUS.CM

open: 13.366
high: 13.376
low: 13.2328
close: 13.2696

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 7.3061
high: 7.3384
low: 7.2334
close: 7.2454

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 7.0114
high: 7.0566
low: 6.9566
close: 7.0014