Crop Market Update: Week Ending June 14, 2013

Monday’s crop progress had corn planting at 95% complete, just 3% behind the 5-year average. Soybeans are still behind schedule with planting progress currently at 71% for the U.S. crop and 88% for the Mississippi crop. That compares to 5 year averages of 84% and 96% respectively. July soybean futures closed up 6 cents on the day to finish off a tough week that saw a decline of 12 cents. The June World Agricultural Supply and Demand (WASDE) report had very few changes concerning this year’s soybean crop. July corn finished up 11 cents at $6.55 to close the week 11 cents lower. Part of the decline in corn prices can be attributed to a somewhat bearish WASDE report that was released Wednesday. Many experts were expecting planted acres to be revised down, however they remained unchanged. Wheat yield was revised up by 0.5bu/acre in the WASDE report, partially contributing to the hit wheat took over this week, with nearby futures finishing 16 cents lower. Nearby July wheat futures closed down 4 cents Friday as wheat harvest slowly progresses nationwide. Mississippi’s wheat harvest is about 11% complete, although progress is well behind the 5-year average of 67% at this time of the year.

^*Mississippi prices are average June 13, 2013 prices from Greeneville, Belzoni, Greenwood, and Indianola.

Note: Prices are $/bu for corn, soybeans and wheat; Rice price is $/cwt. Futures prices are from CMEGroup and Mississippi cash prices are from USDA, AMS

Cotton moved higher on the week with quite a bit of help from Wednesday’s WASDE report. Projected ending stocks in the U.S. were lowered to 2.6 million bales and the market viewed that information favorably.

Note: Futures prices are from ICE and cash quote is from USDA, AMS