Corn beginning to emerge in the U.S.

May 01, 2019

About 3 percent of the national corn crop is up, a USDA report says

By Diego Flammini
Staff Writer
Farms.com

U.S. corn plants are starting to emerge.

About 3 percent of the national corn crop is up, the USDA’s Weekly Weather and Crop Bulletin for April 29 says. That progress is on par with last year.

On a state level, corn in Texas is the furthest ahead. Its corn is 55 percent emerged, which is a 5 percent increase from last year.

Tennessee corn is 19 percent emerged, the USDA says. Farmers there are pleased with what they’re seeing so far.

“I would say everything looks pretty fair,” Alan Meadows, a cash crop grower from Halls, Tenn., told Farms.com. “I’m hoping to finish planting today, then I can get a better idea of how the crop is coming up.”

Corn has also emerged in North Carolina (23 percent), Kentucky (12 percent), Missouri (7 percent) and Kansas (3 percent).

Producers continue to plant the 2019 soybean crop.

Farmers have seeded about 3 percent of America’s soybean acres, the USDA says. That number is about on par with the progress (5 percent) at this time last year.

On the state level, however, some farmers are a bit behind their progress at this point in 2018.

Louisiana growers are the furthest along, having planted 24 percent of their soybeans. Last year, in contrast, they had planted 38 percent of their beans.

Similarly, producers in Mississippi have planted 20 percent of their soybeans. This figure is down from 34 percent at this juncture in 2018.

Consistent rain has slowed planting down but, at this point, it’s not too serious of an issue, said Jimmy Sneed, a producer from Hernando, Miss.

“As long as we don’t get lots of rain for an extended period, we should be fine,” he told Farms.com. “The last rain we got was maybe about half of an inch, so we were still able to get out and plant. We’re a few days behind right now but still within a good window for soybean planting.”

Spring wheat planting is also progressing.

Producers have seeded about 13 percent of the 2019 spring wheat crop, the USDA says. That number is up from 9 percent last year.

Growers have completed 61 percent of spring wheat planting. That number is on par with last year and the highest among the six recorded states.

Video: Will the 2025 USDA December Crop Report Be a Market Mover/Surprise?

Historically, the USDA December crop report is a non-event or another dud report as the USDA reserves any final supply changes to the final report in January of the following year in this case 2026. But after the longest U.S. government shutdown in history at 43 days and no October crop report will they provide more data/surprise and make an exception?
Our China U.S. soybean purchase tracker is now at 26.6% or a total of 3.2 mmt but for traders it’s taking too long to unfold.
The final Stats Canada production report was bearish canola and wheat projection a record crop in both (it adds to the global glut of supplies) and bullish local corn and soybean prices in Ontario/Quebec thanks to a drought. It will not help the fund flow short-term, the USDA may need to offset it?
A U.S. Fed interest rate cut of another 25-basis point next Wednesday (probability 87.1%) could help fund flow and sentiment in stock and ag commodities into year end.
More inflows into Bitcoin this past week saw prices rebound back above 90,000 with support at 82,000 and resistance at 96,000.
A V-shaped bottom in cattle suggest the lows are in after Mexico reported another new world screwworm case. Lower weights, seasonal demand and higher U.S. beef select/choice values with a continued closure of the Mexican border to cattle will result in a resumption of higher cattle futures into yearend.
Australia is expected to produce its 3rd largest wheat crop ever at 36 mmt adding to the global glut of supplies.
Reports of ASF in hogs in Spain the largest pork exporter in Europe could see the U.S. win more pork export business long-term.
If the rains verify into next week of 3-5 inches for Brazil it would go a long way to fixing the dry regions from the last 2-months, but the European weather model has been wrong for the past 2-months!
Natural gas futures are surging to the 3rd price count as frigid hold temps set in.
CDN $ is also surging to end the week on a very resilient economy and better employment numbers suggesting no interest rate cuts next week.
Finally, the CFTC report showed funds were net buyers of soybeans but sellers of corn, canola and wheat. In real time the funds have gone back to selling as they take some profits.