Compared to last week, cash bids for wheat were mostly higher; corn, sorghum and soybeans were sharply higher. Ethanol production for week ending May 10th totaled 1.051 million barrels per day, a 15,000 barrel increase when compared to the week prior. Ethanol stocks were at 22.2 mb this week. Monday’s planting progress report for w/e 5/12/2019 revealed that planting pace for corn is now 29 percent behind a year ago and 36 percent behind the the five year average. Soybean acres planted are 23 percent behind a year ago and 20 percent behind the five year average. Days suitable for fieldwork have been less that desirable for a considerable amount of the U.S. this spring.
Source: USDA-MO Dept of Ag Market News Service, St. Joseph, Mo.