Small Grains and Soybeans Market News

by Brian Williams

Traders have been watching planting progress closely this week. Nearby July wheat futures closed down 4 cents Friday to close the week at $6.83/bu. Wheat harvest will likely be behind schedule this year with only 29% of the U.S. wheat crop currently headed out compared to a 5 year average of 51%, however Mississippi is at 98% headed out compared to an average of 99%. The U.S. wheat crop is in much worse condition than a year ago with 39% of the crop rated at poor or very poor. July corn finished up 11 cents at $6.41, and is up 16 cents on the week. Planting progress for corn is at 28% for the U.S. and 91% for Mississippi, with both numbers being behind the 5-year average. With favorable planting conditions most of this week, expect significant progress to be reflected in Monday’s crop report. Soybeans had a positive week, with July soybeans finishing up 21 cents on the day to close the week 49 cents higher. Soybean planting progress has also been slow with about 6% of the U.S. crop in and 17% of the Mississippi crop. That compares to 5 year averages of 24% and 71% respectively.

^*Mississippi prices are average May 16, 2013 prices from Greeneville, Belzoni, Greenwood, and Indianola.