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Corn Slips as Drier Midwest Weather May Accelerate Planting

May 15, 2013
planting Missouri 2012
  

May 15 (Bloomberg) -- Corn and soybeans fell for a second day in Chicago on speculation planting will accelerate as the U.S. Midwest has drier weather this week following the slowest start to spring fieldwork since the 1980s.

The western Midwest may be mostly dry until May 17 as eastern areas see light to moderate rain starting tomorrow, DTN said. Wet, cold weather cut corn sowing to 28 percent of the crop in the first 19 weeks of 2013, behind the average pace of 65 percent in the previous five years and the slowest since at least 1980, the U.S. Department of Agriculture said May 13. Six percent of soybeans were sown, the least since 1984.

"The drier pattern across the Midwest and Delta so far this week has allowed corn and soybean planting to progress very well," meteorologist Don Keeney at MDA Weather Services wrote in an e-mailed report today.

Corn for delivery in July slid 0.7 percent to $6.4775 a bushel at 7:44 a.m. on the Chicago Board of Trade on trading volume that was 51 percent less than the average for the past 100 days for that time of day. The grain fell 0.5 percent yesterday. Soybeans for the same delivery month retreated 0.5 percent to $14.075 a bushel.

"With corn planting running at the slowest pace in over 30 years, we’ll still be watching the weather," Joyce Liu, an analyst at Phillip Futures Pte, said by phone from Singapore.

 

Northern Plains

Rain is forecast to return to the central Midwest in the next few days, slowing planting "a bit," said Keeney at MDA. Rains later this week in the northwestern Midwest and northern Plains will stall sowing there, he wrote.


Wheat for delivery in July dropped 0.8 percent to $7.0525 a bushel. In Paris, milling wheat for delivery in November increased 0.4 percent to 210.75 euros ($271.34) a metric ton on NYSE Liffe.

French soft-wheat exports in the 2012-13 season may be 17.05 million tons, above the prior 16.92 million-ton estimate, crop office FranceAgriMer said today. In the U.K., where excess rain hurt crops last year, wheat imports topped exports for a 10th month in March, customs figures released yesterday by the Agriculture & Horticulture Development Board showed.

Weather conditions in Russia will be "satisfactory" for winter-grain development and spring planting through May 20, the country’s weather center said on its website yesterday. Ukraine and southern Russia may see light to moderate rain during the weekend with lower temperatures, DTN said.

"Dryness concerns for the former Soviet Union are easing somewhat, with better chances of rain for both Ukraine and Russia over the next two weeks," Jaime Nolan-Miralles, an INTL FCStone Inc. commodity risk manager in Dublin, said in a report.

 

--With assistance from Rudy Ruitenberg in Paris. Editors: Dan Weeks, John Deane.

 

To contact the reporters on this story: Luzi Ann Javier in Singapore at ljavier@bloomberg.net; Whitney McFerron in London at wmcferron1@bloomberg.net

 

To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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RELATED TOPICS: Corn, Marketing, Crops

 
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