The CropSite Now Offers International Commodity Prices

Hello! I have another exciting feature to share that is new to TheCropSite before we jump into this week’s news.

We now offer international futures prices for the two largest commodity exchanges in China - Dalian Commodities Exchange (DCE) and Zhengzhou Commodities Exchange (CZCE). We also offer Argentina’s Mercado A termino De Buenos Aires Exchange (MATBA) and India’s National Commodity & Derivatives Exchange (NCDEX).

Within each of the markets, you’ll have contract chart info just like we have on the CME, KCBOT and ICE exchanges. If you’d like to take a look at our new international markets, just click here.

On Friday, USDA’s monthly Supply and Demand Report was deemed mostly bearish for corn and soybeans due to large stockpiles expected late this year and next year, especially for corn, according to Jim Wyckoff, grain analyst. The report predicted a record corn harvest this year and said corn stocks will double by next year.

USDA predicts US corn production at 14.1 billion bushels in 2013, up nearly one-third from last year. World corn stocks of 154.6 million metric tons next year were also seen as bearish.

USDA sees a record 2013 U.S. soybean crop of 3.39 billion bushels and a stronger re-building of stocks than expected. USDA's projection of higher-than-expected 2013-14 U.S. wheat ending stocks was bearish for that market.

Following are the 2012-13 world carryout numbers from USDA:

• Corn: 125.43 million metric tons (MMIT), up from April’s projection of 125.29 MMT. Projects corn carryout of 154.63 MMT for 2013-14
• Soybeans: 62.46 MMT; down from April’s number of 62.63 MMT. Projects soybean world stocks at 74.96 MMT for 2013-14.
• Wheat: 180.17 MMT, down from April’s 182.26 MMT. Projects 186.38 MMT for 2013-14.

For coverage on the USDA Supply and Demand estimates, click here.

Monday’s USDA Crop Progress report came in at 28 per cent planted for the top 18 states. The market was looking for the planting progress report to show 29 per cent complete, up from 12 per cent last week which was the slowest pace since 1984. The estimated range was 25-38 per cent complete, and the wide range comes off highly variable planting due to precipitation and cool temperatures in the Midwest.

This week’s weather outlook favors good progress this week with dry conditions prevailing in the western Plains states, but the Corn Belt isn’t so lucky. The 6 to 10 day weather map looks wet for almost the entire Corn Belt which is likely to bring planting to a halt by the 18th of this month. The heaviest precipitation is expected in Iowa, Illinois, Minnesota and Indiana.

Many now expect that a modest amount of corn acres will be planted in June.

This past weekend, I traveled back home to Coshocton County, Ohio (60 miles east of Columbus), then up to Warren, Ohio (northeastern corner) and then back to Chicago across I-80 which covers northern Ohio and Indiana on Monday.

During my travels, I saw about 5 or 6 fields with emerged corn. In central Ohio, I saw a lot of very wet, muddy fields. But across the northern parts of Ohio and Indiana, the soil seemed drier. 

On Monday, it was pretty cool - in the upper 50s F - so I didn't see any planters rolling, but the fields were ready and waiting. Also note-worthy... I saw many healthy looking fields of winter wheat.  

Have a great week!