Compared to last week, cash bids for wheat was mixed; corn and sorghum were higher and soybeans were lower. Ethanol production for week ending April 26th totaled 1.024 million barrels per day, a 24,000 barrel decrease when compared to the week prior. Ethanol stocks were at 22.7 mb decreased by 52,000 barrels this week. Monday’s planting progress report for w/e 4/28/2019 revealed that planting pace is on pace with a year ago, but 12 percent behind the five year average. With many rains throughout the Midwest this week, farmers are looking to that magical May 15th date of corn being planted; yield reductions will be anticipated on planting after that date. Soybeans continue to look for support and the wet weather could be a detriment if producers switch from corn to beans on acreages. Winter wheat reported at again this week at 92 percent Fair to Excellent.
Source: USDA-MO Dept of Ag Market News Service, St. Joseph, Mo.