Market Information

Not that I need to remind Michigan farmers how wet it is out there but the map below displays just how wet it is in Michigan, parts of Minnesota and northern Iowa. A “1” means that the area is the wettest in 134 years!

Planting progress in the south is well ahead of average. The states of Arkansas, Alabama, Georgia, Tennessee, Kentucky are as much as 40% points above average for planting progress. Illinois, Indiana, Ohio, taken together are 23% points above average in planting progress. Taken as a whole, the US is on pace regarding planting progress to meet an average plating pace.

May corn is embarking on the 6^th consecutive session of higher trade. Daily chart support moves up to 451 with major support at the 200-day moving average at 446. The upside targets reman 460, 472.

May soybeans formed a double top yesterday at 1183. 1183 will be a new resistance point. However, I can’t get too bearish soybeans here as soybean oil made a new contract high yesterday in the spot contract. Soybean oil at 73 cents is trading within the top one third of its 20-year trading range. Upside targets remain 1193, 1205, 1217.

December corn exceeded our sales target at 484 again yesterday but failed to close above that level. Major support is 475. Upside targets remain 484, 495, 498, 501, 512.

November soybeans has formed a double top at 1174 yesterday. daily chart support is rising and at 1155 today. Upside targets remain 1180, 1191, 1203, 1241.

July wheat exceeded out 617 target yesterday but close above daily chart support now at 605. Upside targets remain 617, 645.