5/21/13

July Corn down 10 (Dec steady), July Beans up 14 (Nov down 4),Wheat down 5

Crude Oil- 96.07 down -0.84

US Dollar- 83.866 up .13

Dow-15,404.43 up 69.15

Corder now has bids for 2013 harvest.

Free DP on corn into Carrollton. Program can end at any time.

Yellow Corn was hit hard on the front end during the session due to the U.S. farmer tying the one week YC planting progress percentage record set in 1992 of 43 percent. That is an astounding feat and proves that the American farmer can really get after it! (Reuters reported that 40% of farmers have planters that are larger than 16 rows wide compared to just 4% ten years ago) This brings both benefits and concerns for the marketplace as some traders are already starting to worry that with so much of the corn crop planted in one week, temperatures and moisture will have need to be perfect around the third week in July accommodate to the large concentration of the crop that will be undergoing pollination at the time. New Crop did remain fairly steady today, however, as the funds liquidated nearly 4,000 lots from their positions. In the Soy-complex, fronts gained on the backs, as the nearby July contract was strong on spreading action, and funds released 2,000 lots of beans and oil. Wheat, you guessed it, is still running off the same story it has been for the last two weeks; horrible export demand and better weather (I sound like a broken record). Funds got rid of some 2,000 lots on the day. It feels like there is more of the same story lines and patterns to flow into tonight’s session, as many are calling the market to be a mixed bag at the open. Hopefully the soil will dry up just a tad here in West Central Missouri and producers can make some more headway in planting their soybean crop.

Have a great day!

-Sam Rathmann