Crop Market Update: April 29, 2014

U.S. producers have the planters up and running, but progress still remains behind schedule. U.S. producers currently have 19% of the U.S. crop currently planted compared to a 5-year average of 28%. Mississippi is also behind with 75% planted compared to an average of 92%. Mississippi producers have seen 51% of their corn emerged, behind the 5-year average of 80%. With wet weather across Mississippi as well as many other areas across the country, planting progress will likely begin the week slow but could pick up by week’s end. The slow planting combined with continued strong demand has kept the corn market bullish.

Soybean planting is slowly progressing in Mississippi with 24% of the crop planted this week. This compares to 14% last week and is behind the 5-year average of 38%, but producers are well ahead of last year’s pace. U.S. producers have 3% of the soybean crop planted, with much of that progress found in Southern States. Strong soybean exports along with extremely tight supplies have kept soybean markets bullish, despite expectations of a large harvest this fall.

Wheat prices have been rallying over the last week, but still haven’t quite surpassed their mid-March highs. The condition of the U.S. crop is a bit questionable, with only 33% of the crop rated good or excellent, down 1% from last week and the same as last year at this time. Much of that can be contributed to abnormally dry conditions in the Southern Plains. Currently, 18% of the U.S. wheat crop has headed out compared to a 5-year average of 26%. Mississippi’s wheat crop is maturing much slower than normal with 42% of the crop headed out compared to a 5-year average of 80%, but the crop is faring much better than the U.S. crop with 68% of Mississippi’s wheat rated good or excellent.

For more detail on crop futures and Mississippi local cash prices click here. Detailed information on crop progress can be found here.