Market
Report
Market Summary - Tuesday,May 13
Wheat and corn closed lower today while beans posted strong gains. July
corn closed down 7 1/2 cents, December corn closed down 6 3/4, July wheat closed down 9 3/4, and November beans closed up 36 1/2.
The outside markets didnt give grains
much direction today as they traded mixed. At mid-day the dollar index was
down 10 points, gold was down $15, while crude oil had traded up $1.50 to
$2.50.
Yesterdays USDA Crop Progress report
appeared to be bullish for corn to me, but apparently the traders did not
interpret it that way.
The USDA said 51% of the corn was planted compared to 71% at this time last year, and the 5 year average of 77%. Only 11% of the corn was reported to be emerged compared to 32% at this time last year, and the 5 year average of 33%.
Corn planting progress in some of the major states is as follows;
This Yr/Last Yr/5 Yr Avg
Iowa 46% 70% 82%
Illinois 60% 87% 88%
Nebraska 55% 64% 71%
Minnesota 32% 83% 82%
Indiana 61% 68% 72%
Ohio 50% 74% 78%
Soybeans were only 11% planted vs 26% at this time last year, and the 5 year average of 29%. The 3 biggest bean
producing states, Iowa, Illinois, and
Minnesota were reported to be 4%, 7%, and 3% planted respectively, compared to their 5 year averages of 25%, 25%, and 27%.
Winter wheat was reported to be 36% headed compared to the 5 year average of 53%. The wheat crop was rated at 47% good/excellent, the same percentage as last week, but there was a 1% drop from excellent to good, and a 1% increase in the poor rating.
In Argentinas main grain port of Rosario no grain was traded on Monday
due to a renewal of the farmers strike. last week the farmers announced
a freeze on grain sales for export until May 15 to protest the new system of export taxes. But grain traders in Rosario said that exporters and soy crushers still have some bean stocks left.
I will be out of the office Wednesday, and resume my market summary
on Thursday.
Joe Brossman
Mercer landmark
Ohio City
419-965-2121
Board Prices As Of
May 13, 2008
| Branch |
Current |
Jun
|
New |
Jan
|
|
| Celina |
419-586-4203 |
| Corn | 5.92 | 5.95 | 5.86 | 6.13 | | | Beans | 13.54 | 13.54 | 12.22 | | | | Wheat | 6.84 | | 6.39 | | |
|
| |
|
|
|
|
|
| Branch |
Current |
Jun
|
New |
|
|
| Convoy |
419-749-2226 |
| Corn | 5.77 | 5.82 | 5.91 | | | | Beans | 13.56 | | 12.26 | | | | Wheat | 6.96 | | 6.51 | | |
|
| |
|
|
|
|
|
| Branch |
Current |
|
New |
|
|
| St.
Henry |
419-678-2348 |
| Corn | 5.97 | | 5.91 | | | | Beans | 13.51 | | 12.19 | | | | Wheat | 6.83 | | 6.38 | | |
|
| |
|
|
|
|
|
| Branch |
Current |
|
New |
|
|
| Chickasaw |
419-925-4326 |
| Corn | 5.83 | | | | | | Beans | 13.40 | | | | | | Wheat | 6.78 | | | | |
|
| |
|
|
|
|
|
| Branch |
Current |
|
New |
|
|
| Payne |
419-263-2351 |
| Corn | 5.82 | | 5.89 | | | | Beans | 13.52 | | 12.26 | | | | Wheat | 7.22 | | 6.56 | | |
|
| |
|
|
|
|
|
|
|
| Branch |
Current |
|
New |
|
|
| Rockford |
419-363-2481 |
| Corn | 5.71 | | 5.87 | | | | Beans | 13.61 | | 12.24 | | | | Wheat | 6.84 | | 6.39 | | |
|
| |
|
|
|
|
|
| Branch |
Current |
|
New |
|
|
| Ohio
City |
419-965-2121 |
| Corn | 5.74 | | 5.89 | | | | Beans | 13.56 | | 12.24 | | | | Wheat | 6.88 | | 6.43 | | |
|
| |
|
|
|
|
|
| Branch |
Current |
|
New |
|
|
| New
Weston |
937-338-5741 |
| Corn | 5.75 | | | | | | Beans | 13.54 | | 12.19 | | | | Wheat | No bid | | 6.36 | | |
|
| |
|
|
|
|
|
| Branch |
Current |
Jul
|
New |
|
|
| Elgin |
419-667-2901 or 1-866-808-corn
(2676) |
| Corn | 5.80 | 5.86 | 5.96 | | | | Beans | 13.61 | 13.51 | 12.24 | | | | Wheat | 6.96 | | 6.51 | | |
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| |
|
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|
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|
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Safety
Regulations |
| ***
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