Crop Market Update: Week Ending Jun 07, 2013

Monday’s crop progress had corn planting at 91% complete, just 4% behind the 5-year average. Soybeans are still behind schedule with planting progress currently at 57% for the U.S. crop and 74% for the Mississippi crop. That compares to 5 year averages of 74% and 93% respectively. July soybean futures closed up a penny on the day and continued its upward climb finishing up 18 cents on the week as planting progress remains behind normal. July corn finished up 3 cents at $6.66 to close the week 4 cents higher. Nearby July wheat futures closed up down a penny Friday to close the week 9 cents lower at $6.96/bu. Mississippi’s wheat harvest is not underway with 1% of the crop harvested, although progress is well behind normal. Last year at this time, 83% of the Mississippi wheat crop was harvested and the 5-year average is near 37%.

^*Mississippi prices are average June 6, 2013 prices from Greeneville, Belzoni, Greenwood, and Indianola.

Note: Prices are $/bu for corn, soybeans and wheat; Rice price is $/cwt. Futures prices are from CMEGroup and Mississippi cash prices are from USDA, AMS

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Cotton moved higher on the week. Spirits were lifted following last Friday’s improved consumer sentiment report and a weaker U.S. dollar which both bode well for cotton demand. On Thursday, improved export sales kept those spirits lifted.

Note: Futures prices are from ICE and cash quote is from USDA, AMS