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Agriculture Markets: USDA Crop Progress Report Shows Slow Planting

May 01, 2019 12:29 AM ETCORN, SOYB, WEAT1 Comment
Andrei Evbuoma profile picture
Andrei Evbuoma


  • Grain markets finished Tuesday mixed with wheat down over 1% and corn up.
  • Trade uncertainties, large supplies, and a lack of demand continues to lead grains lower.
  • Stormy and wet weather pattern over the grain belts to persist through the next two weeks providing some support especially for corn.

Investment Thesis

Expect for prices to continue sliding down overall with trade uncertainties, large inventory, and a lack of domestic and/or global demand. Weather will continue to support especially corn.

USDA Crop Progress Report shows planting this year lagging well behind the 5-year avg.; delays are likely to continue with an active storm pattern across the corn and soybean belts

The U.S. July corn futures finished Tuesday's trading session higher 0.59% to $3.6312 after a midday rally. Meanwhile, U.S. July soybean futures were seen down 0.74% to $8.5462, while U.S. wheat led all grains down 1.18% to $4.2888. For the less volatile, unleveraged Teucrium ETF grain products, the Teucrium Corn ETF (CORN) was seen up 0.32% ($0.05) to $15.06, the Teucrium Soybean Fund (SOYB) led the way lower 0.79% ($0.12) to $15.10, and the Teucrium Wheat Fund (WEAT) was also down 1.00% ($0.05) to $4.94. Figure 1 below is a price trend chart of the front-month July futures contract for corn over the past 24 hours.

Source: Investing.com

Figure 2 below is a price trend chart of the front-month July futures contract for wheat over the past 24 hours.

Source: Investing.com

July Chicago Soft Red Winter Wheat (SRW) futures were seen down 6.2 cents to $4.290, with July Kansas City Hard Red Winter Wheat (HRW) futures down 2.2 cents to $3.946, resulting in a bearish 34-cent premium of CBOT wheat to KCBT wheat. MGEX's Hard Red Spring Wheat (HRSW) May contract was down $0.72 to $4.906. Figure 3 below is a price trend chart of the front-month May futures contract for spring wheat.

Source: Barchart

Monday afternoon, the USDA issued its weekly crop progress report. The report showed that as of April 28, 15% of this year's corn has been planted. That's matches last year's pace of 15%, is ahead of last week's 6%, but lags well

This article was written by

Andrei Evbuoma profile picture
Andrei is a meteorologist/weather research analyst. He has a Bachelor of Science degree in Meteorology and a Geographic Information System (GIS) certificate from Northern Illinois University. Andrei also holds a Master of Science degree in Environmental Science from The Johns Hopkins University. Furthermore, Andrei has taken some doctoral classes from the University of Maryland and Howard University where he was a NOAA Doctoral Weather Research Fellow. Andrei is members of the National Honor Society, American Meteorological Society (AMS), National Weather Association, and American Geophysical Union.

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