USDA Crop Progress Report: 6% Corn Planted.

Apr 18, 2017

The weekly USDA Crop Progress Report indicates that corn planting is behind the average and last year's pace.

The USDA says 6% of this year’s U.S. corn crop is planted, compared to 11% a year ago and the five year average of 9%.

Recent rainfall has delayed planting in parts of the Cornbelt, but it’s very early in the season. Also, according to AgriVisor’s Dale Durchholz, the five year average is skewed by 2012’s fast planting pace.

The recent rainfall helped the U.S. winter wheat condition rating to improve 1% to 54% good to excellent. 19% of winter wheat has headed, compared to 11% a year ago and 13% typically this time of year.

13% of spring wheat is planted, compared to 25% last year and 21% normally.

About 70% of the U.S. has adequate soil moisture.

For the full USDA report and state by state breakdowns, visit the following link.

http://usda.mannlib.cornell.edu/usda/current/CropProg/CropProg-04-17-2017.pdf

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!