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Tidbits, Wheat Basis, Planting Retro, Ukraine, Antarctica 5/13/24

Market Retrospective


 

On this date in 2019, it was raining across the Corn Belt as it had most days since the middle of April. July 2019 corn traded to a contract low of $3.43, 57¢ below its January $4.00 high. July soybeans traded to its contract low of $7.91, $1.73 below its winter high.   

 

That day’s planting progress report said 30% of the corn and 9% of the beans were planted. Normal planting progress was 66% for corn and 29% for beans.  

 

July corn closed that day at $4.56½, 13½¢ above the low, 4¾¢ higher on the day, and above the previous day’s high. That is the definition of a “key reversal.” The next day, July corn gapped higher by 3¼¢ and gained $1.21¼ by June 17th at $4.64¼.  

 

July beans settled 11½¢ above its low on May 13th and down 6¾¢ on the day. None-the-less, July beans gained $1.73 in the next 5 weeks and one day.

 

For most of the Corn Belt, field work did not begin again until the last 5 days of May. By June 2nd, 67% of the corn and 39% of the beans were planted according to the USDA’s crop progress report.

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