Big reports for grains this week
May 09, 2011
Every Monday morning, Pro Farmer editors record the "Monday Morning Wake Up Call." It's a recorded message available by clicking here.
But... if you'd rather read the report instead of listening, each Monday morning I'll update the copy from the call here to help set your agenda of key issues that will be impacting the grain and livestock markets in the week ahead.
Monday Morning Wake Up Call
Good morning ... this is your May 9th edition of the Pro Farmer Monday Morning Wake Up Call.
It’s a big week for the grain markets with two potentially market-moving reports coming our way. First is this afternoon’s Crop Progress Report. This report will feature a tale of two Corn Belts. In the western Belt, corn planting progress will be very significant. Most areas missed rains starting May 4 and while some scattered delays were likely in the western Belt after a May 6-7 shower, many areas rolled all weekend without delay.
In the eastern Corn Belt, delays were widespread. Illinois corn planting progress will be a featured number in this afternoon’s update, but don’t lose track of the snail-pace planting progress likely from Indiana, Ohio and Missouri.
North Dakota will also be a market-moving state as both corn and spring wheat planting progress is likely to be well behind the average pace.
Unfortunately for the eastern Corn Belt, the weather outlook holds near-daily rain chances this week. That certainly suggests planting delays will extend into the second half of May.
Wednesday, USDA will release its first official look at the 2011-12 marketing year. There are no survey-based estimates in the new-crop outlook, but USDA will project corn, soybean and spring wheat yields to generate the new-crop Supply & Demand projections.
This afternoon’s crop progress report will give us a good idea if USDA will trim any bushels from the 160.7 national average corn yield it projected back in February at the Ag Outlook Forum. USDA has shown a willingness to “tweak” yield projections based on planting progress and with slow progress in the eastern Belt, the “lean” going into this Wednesday’s report is to trim just a bit from the yield projection.
The livestock markets will pay close attention to the meat markets this week. Boxed beef trade is looking for a low and after a lower week last week, the cash hog market is expected to start this week with a soft tone.
That’s your Pro Farmer Monday Morning Wake Up Call.