[Farmmarketnews] Todd Austin Grain Commentary for May 26, 2011

Thu May 26 09:27:33 EDT 2011

Wednesday May 25, 2011

Commodity
Period
Price  
Weekly Movement

Corn CBOT
July
7.42 ¼             
↓
7 ½     
cents

Soybeans CBOT
July
13.77      
↓
2 ½      
cents

Wheat CBOT
July 
7.96 ½      
↓
20 ½  
cents

Wheat Minn.
July 
10.20       
↑
23 ¾    
cents

Wheat Kansas
July 
9.28 ¾      
↓
9 ¼  
cents

Canadian $
Jun. 
1.0221  
↓
56 
points

CORN
Corn planting remains highly variable depending on the geography in Ontario;
some areas remain well under 50 percent complete.  In the U.S., overall corn
planting has reached 79 percent complete, up from last week’s 63 percent
complete, but still shy of the five-year average of 87 percent.
Emergence in the U.S. is sitting at 45% emerged as of May 22.  There are some
problem spots that are holding down the average, and several of them are key
corn production states. Other areas are still planting around wet patches in the
field or replanting acres that had been previously flooded.
SOYBEANS
The USDA Crop Progress Report indicates that soybeans are 41% planted
nationally in the United States. This is behind the five –year average of 51
percent, though many individual states have made good progress over the past
week. Soybean planting has been progressing in Ontario as well, with an estimate
of 15% completion. 
Markets remain volatile as trade debates the direction of final US acreage;
some see corn acreage switching to soy while others see substantial acreage lost
along the flooded Mississippi River Valley. Though improved weather conditions
should allow farmers to make progress planting the corn crop.
WHEAT
Weather is also affecting wheat.  Wheat futures rose on speculation that dry
weather may have caused irreparable harm to wheat in France, the U.K., and
Germany. Estimates indicate losses on a scale of 7 percent to 12 percent for the
wheat crop in France and Germany. Spring wheat planting continues slowly in the
U.S., contributing to the rallying wheat futures in Minneapolis.

Russian farmers planted spring grains on 16.4 million hectares as of May 18, up
14 percent from a year earlier. Agricultural experts have called for an end to
the grain export ban, citing the availability of plentiful Russian stocks. But
so far, Moscow is keeping everyone guessing about when the restrictions might
end. The ban was implemented last year due to a crop shortage to protect against
domestic food shortages.
Current contract prices for May 18, 2011 at the close of the markets are as
follows:
SWW at $271.66 per tonne ($7.39 /bu.), SRW at $269.86.42 per tonne ($7.34
/bu.), HRW at $286.02 per tonne ($7.78 /bu.), and HRS at $360.89 per tonne
($9.82 /bu.).
John Jordan
Editor, AgriLink and Farm Market News
University of Guelph, Ridgetown Campus
Tel. 519-674-1500 x 63577

Fax. 519-674-1530
E-mail: jjordan at ridgetownc.uoguelph.ca 
AgriLink website : www.ridgetownc.com/agrilink 
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