Corn planting has pretty well concluded. Soybean planting is within days of concluding as well. Estimate 50% of corn has emerged and looks good. A few early-planted fields suffered frost damage around May 1st which showed itself days later. At this early stage, corn’s growing point is below ground, so no replanting is expected. A few soybean fields are emerged and look good. Very windy conditions with little to no rain the past few weeks are drying topsoil quickly.
Corn and soybean prices have been on a nice gentle uptrend the past several weeks; however, today was a hard reset as corn dropped 13 cents and beans down 38 cents. On a long-term chart, this does not look as severe as it sounds. Cash soybeans are still at their 10th highest day of the past nearly two years. Corn and bean prices are back to where they were a week ago.
Today’s price adjustment seems to be in response to no ag news from the Trump-Xi meeting. That may change overnight or tomorrow if ag trade news does emerge. Planting progress is of no concern right now. The next crop concern will be whether or not drought appears to be expanding.
Activity in the land market is quiet this time of year.
Use the button on the right to view the past Crop Conditions reports.
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