Tidbits, Wheat Basis, Planting Retro, Ukraine, Antarctica 5/13/24
- Wright team
- May 13, 2024
- 4 min read
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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