Soybean futures lead US row crop futures higher. The major concerns for corn are now becoming the major concerns for soybeans. Wheat has managed to avoid most of the major issues thus far but disease may play a major role as the headers start.
Back to soybeans, further rainfall across the eastern and central corn belt over the weekend is likely to see less acres of soybeans getting sown in Indiana, eastern Illinois and possibly further south into Missouri and Arkansas. Illinois is ranked no 2 in US soybean production behind Iowa in most years but is often ranked as the no 1 producing state, Indiana is ranked no 5 and followed by Ohio.
With the first prevent plant date for Illinois now past on the 15th and the last date the 20th to pass this week the punters are watching the final acres closely.
The crop progress report came out after the close of the futures markets in the USA. Corn is pegged at 92% sown. Illinois 88%, Iowa 98% and Nebraska 98% are good numbers. Ohio at 68% is not such a great number but all in all this percentage sown is probably better than what much of the trade was anticipating. The crop condition rating is also unchanged from 59% good to excellent.
Back to soybeans we see 77% of the crop in the ground, in spite of the weekend rainfall there was good progress in Illinois, going from 49% sown to 70% in the last week. Ohio is still sitting at just 46% sown though. Missouri is also slow at just 57% sown but the bigger producing states do seem to be getting on top of things.
There’s not much of a change in the winter wheat rating, still 64% G/E. The spring wheat is rated at 77% G/E, back 4% on last week.