Crop Progress Report: May 9
Corn planting progress reached 67% complete, up from 46% last week and ahead of the 52% average.
20% of the corn crop has emerged, up from 8% last week and in line with the average of 19%.
Crop Progress Report: May 9
Corn planting progress reached 67% complete, up from 46% last week and ahead of the 52% average.
20% of the corn crop has emerged, up from 8% last week and in line with the average of 19%.
Soybean planting is up to 42% complete from 24% last week, ahead of 36% last year and much quicker than the average pace of 22%.
Emergence was 10% vs 6% LY and 4% avg.
US winter wheat condition ratings were up slightly to 49% good to excellent from 48% last week.
A large increase in Texas ratings and a small gain in Oklahoma offset small declines in other states.
The winter wheat crop was 38% headed compared to 46% average, and Kansas is noticeably behind at 28% versus 46% average.
Cotton planting remained near average at 25%, but is lagging the 30% seen last year.
FBN’s Take On What It Means: The northern Plains and western Midwest took advantage of the dry weather ahead of the beneficial rainfall this past weekend, as significant progress occurred from Illinois and Iowa through Nebraska and Minnesota. The eastern Corn Belt has lagged a bit due to more rain and cooler than normal temps, but is still moving above average. The eastern Corn Belt is expected to be dry this week which should allow for faster field work. The US growing season is off to a generally good start with good potential for early planting.
New Crush Plant Announced
ADM announced plans to build a new crush plant in Spiritwood, ND which is expected to be completed ahead of the 2023 harvest.
The $350 million complex will have the capacity to process 150,000 bushels of soybeans per day.
The firm also plans a $25 million expansion of refining and storage capacity at its plant in Quincy, Illinois.
The expanded capacity is expected to be online by the first quarter of 2022.
The move comes after Cargill’s plans to expand processing capacity at two large plants in the Midwest, while increasing efficiency at five others.
Soybean processors are expanding to meet increasing demand for food and renewable fuel.
The US administration has proposed a ‘Clean Energy Revolution’ that would increase biofuel demand from refiners.
FBN’s Take On What It Means: Companies are expecting an increase in demand for food as the restaurant and travel industries continue to reopen after the COVID pandemic, and for feedstocks to produce renewable biofuels. The “new” demand for renewable diesel could have a significant impact on prices by increasing demand for oilseeds such as soybeans and canola which are experiencing tight stocks situations.
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