US corn planting progress below average, 2023 levels

US corn planting progress below average, 2023 levels

Chicago Mercantile Exchange (CME) grain prices mostly fell on Tuesday May 14. The July CME soymeal futures contract showed the only increase, rising by $6.80 per short ton to $373.30 per ton.

The July soybean futures contract decreased by 5 cents per bushel, settling at $12.14 per bu, and July wheat dropped by 14.50 cents per bu to close at $6.72 per bu.

Meanwhile, July corn fell by 5 cents per bu to $4.67 per bu.

After relatively strong quality ratings for wheat and higher corn production estimates coming out of Brazil, grain prices dropped into the red. Spillover weakness in other commodities, particularly soyoil, led to moderate losses in soybean prices.

Crop progress
The USDA’s weekly crop progress report for the week to Sunday May 12 reveals significant progress in US planting, despite an active weather pattern and persistent wet conditions across many regions.

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