Chicago soft red winter wheat futures for July added 0.5% to $4.28 a bushel as of 08:30 United Kingdom time (02:30 Chicago time), with observers such as Futures Internationals Terry Reilly flagging the impact of "adverse weather across the southern Great Plains" in offering some support to values.
Growers are caught up with the normal pace for seeding this time of year, and they showed just how fast they can get seeds in the ground when pressed when they planted nearly a fourth of the corn crop in just one week.
The corn planting is probably about 98 or 99 percent done around here.
"Corn planting past the 1st of June is just bad news", Okonek said.
With the rain in the Midwest in recent weeks there is concern that more acres of corn will be lost to weather challenges, said Scott Stiles, extension economist with the University of Arkansas. Monday through Wednesday last week we kind of got along planting.
It was a dry week across much of Iowa for the week ending May 14, according to the May 15 USDA Crop Progress report. These indemnities will help producers offset losses due to unanticipated declines in crop yields and prices. Corn emerged was at 47 percent, compared to 61 percent last year and the five-year average of 50 percent.More news: Inflation rate slumps to 17.24% in April
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"I would not be surprised to see volatility in the real and soybeans increase as this [Brazilian scandal] plays out", said Benson Quinn Commodities. So far this year about 32% of the crop has been planted. About 63% of the crop has reached that level of maturity, ahead of the 57% average. New-crop wheat futures climbed to 20 cents per bushel following the late season snowstorm.
Montana - 77 percent planted on May 14, down from the five-year average of 78 percent but up from 46 percent a week earlier.
Planting of spring wheat is ahead of average, said the department.
Kansas wheat improved one point to 44% good/excellent.
Iowa Secretary of Agriculture Bill Northey commented on the Iowa Crop Progress and Condition report released by the USDA National Agricultural Statistical Service.
For the four states responsible for the majority of the sugar beet crop, work has nearly finished, said the department. As of Sunday, spring tillage was 71 percent complete across the state, which is still more than a week behind last year, but three days ahead of the five-year average. Oats planted was 99 percent, ahead of 92 past year, and near 97 average. The ground's in pretty good condition. Now, with winter wheat acreage at the lowest level in almost a century, forecasts are for total wheat production to fall for the 2017/18 marketing year.