Jul. corn closed at $4.54 and 3/4, up 1 and 3/4 cents Jul. soybeans closed at $9.12 and 3/4, up 16 cents Jul. soybean meal closed at $324.30, up 80 cents Jul. soybean oil closed at 28.14, up 53 points Jul. wheat closed at $5.30 and 1/2, up 1 cent Jun. live cattle closed at $109.45, up 67 cents Jul. lean hogs closed at $83.05, up $1.70 Jul. crude oil closed at $51.93, down 58 cents Jul.
The latest crop progress report for Nebraska rates the state’s corn crop at 77 percent good to excellent. And the first condition rating for soybeans in Nebraska is 75 percent good to excellent. Soybean emergence was still well behind normal, at 73 percent. Sorghum planting stood at 80 percent, compared to 94 percent normal. Winter wheat heading was at 83 percent, 13 points behind the five-year average. Wheat wheat rated 71 percent good to excellent. Pasture and range conditions rated 87 percent good to excellent.
The condition rating of Iowa’s corn crop improved slightly this week, but remains relatively low at 59 percent good to excellent. As of Sunday, 88 percent of the corn crop had emerged, over two weeks behind normal. Soybean planting in Iowa stood at 89 percent with emergence at 63 percent. Both numbers are two weeks behind average. The first soybean condition rating of the season came in at 61 percent good to excellent. The first cutting of alfalfa hay reached 61 percent complete.
Soybeans were higher all of Monday’s trading session. July soybeans had the highest close in two months, according to DTN, with planting concerns supporting the market. The higher close is because of persistent rain and the forecast for more. On the demand side, the April soybean crush number from Dow Jones is down 4 percent from a year ago. Soybean oil stocks at the end of April were down 24 percent from a year ago. Soybean oil had its highest close in more than a month because of that.
Milk futures on the Chicago Mercantile Exchange closed mixed as did cash trade. June down three cents at $16.28. July down four cents at $16.81. August two cents lower at $17.15. September unchanged at $17.44. October through February contracts two to five cents higher. Dry whey down $0.0075 at $0.3550. One trade was made at that price. Blocks down $0.0325 at $1.75. Seven trades were made ranging from $1.75 to $1.7650. Barrels unchanged at $1.6050. Butter up $0.0125 at $2.3775.
Another week of cool, wet conditions plagued Michigan farmers struggling to finish planting. USDA says 84 percent of corn and 53 percent soybeans are now planted and well behind average. Dry beans are 17 percent planted, more than 50 percent behind last year. Alfalfa first cutting is less than half of average, now 30 percent complete. Excessive wet fields for crops that have been planted has also led to uneven emergence and nutrient issues. Winter wheat condition is 42 percent good to excellent. The crop is now 94 percent jointed and 64 percent headed.
Growers in the eastern Corn Belt made progress last week, but the national planting pace remains well behind normal. U.S. corn planting advanced to 92 percent, with nearly 20 percent jumps in Indiana and Ohio. Corn emergence went from 62 to nearly 80 percent. The condition of the U.S. corn crop is poorer than normal, with just 59 percent rated good to excellent. The five-year average is 78 percent. Soybean planting is 77 percent complete as of Sunday, compared to 93 percent on average. The winter wheat harvest moved from four to eight percent complete in the last week.
A southern Ohio farmer says he was able to finish planting after a dry window last week. Greg Corcoran says he ended up switching some acres of soybeans to corn. “We actually switched over a few fields to corn to maybe take advantage of some markets later with the lack of corn planting in other areas,” he says. He tells Brownfield continued wet conditions have prevented further fieldwork. “We’ve got the crop in the ground but now we need to get out spraying and tackle these weeds that are being very aggressive with these early rains,” he says.
Hoosier farmers were able to make planting progress during a brief dry window midweek, but heavy rains at the beginning and end of the week kept soil moisture levels high. According to the USDA, 84 percent of corn and 64 percent of soybeans in Indiana are planted. Winter wheat conditions remained mostly unchanged and harvest began in some areas. Topsoil moisture was 98 percent adequate to surplus and subsoil moisture was 99 percent adequate to surplus.
A dairy farmer says he hopes producers see value in the new Dairy Margin Coverage program. “It actually is going to be a help to the dairy industry and give producers at least a catastrophic level of support.” Ken Nobis, who farms in Mid-Michigan, tells Brownfield he wishes the changes to the program would have been available in the last farm bill. “If we would have had this in place in the 2014 Farm Bill, we wouldn’t have nearly as many producers in the financial condition they are in today.” Sign up is now open at the local county Farm Service Agency office.