Crop Progress, Put Options, Markets & Rain Days Update 04/27/2022

Highlights

Yesterday morning, the USDA announced the sale of:

• 132,000 mts of new crop soybeans to China

• 78,000 mts of old crop soybeans to unknown

• 55,000 mt of new crop soybeans to unknown

Rumors in some circles are that China is done buying corn. We highly doubt it.

---

StatsCanada reported yesterday morning:

Wheat planted acres will be 25.031 million acres, up 1.67 million over last year and above the top end of the range of trade estimates; largest wheat acreage in 9 years.

Durum and other spring wheat were 1.2 million acres higher than last year.

Canada’s canola acreage will be lower by 1.6 million acres; bullish soybeans.

---

Monday’s Crop Progress:

Corn planting 7% complete vs 9% estimate and 15% average, slowest since 2013. The crop is 2% emerged vs 3% average.

Milo is 19% planted vs 18% last year and 21% average.

Spring wheat is 13% planted vs 15% average and 2% emerged vs 4% average.

Winter wheat condition was down 3% to 27% in good-to-excellent category vs 49% last year,

Kansas the biggest change, down 7% to 26% g/e.

The winter wheat crop is 11% headed vs 19% average.

The US Agriculture attaché in Argentina cut corn production to 51.5 million mt. The USDA is at 53 million. It is hot down there, but the corn crop is mostly mature.

---

On May first, the daily trading limit will be:

Corn 50 cents, up from 35.

Soybeans $1.15, up from 90 cents

Soymeal $30, up from $25

Soyoil 5 cents per pound, up from 4 cents

Wheat 70 cents, down from 85 cents

Want to read more?

Subscribe to www.wrightonthemarket.com to keep reading this exclusive post.

Subscribe Now