May 29th Planted Progress, Caught Up To Averages

Jun. 01, 2022 9:30 AM ETCORN, DBA, RJA, JJA, GRU, TAGS, JJGTF, JJG, JJATF, SOYB, WEAT, BAL, BALTF, JJSSF1 Comment
The Angry Bear profile picture
The Angry Bear
483 Followers

Summary

  • Sugar beets are continuing to plant behind average time-frames as Minnesota and North Dakota struggle with weather delays.
  • Wheat condition continues to be an issue year over year for the winter crop, but the headings are coming along nicely.
  • Commodities markets are currently down and also closed.

Healthy seeds green peas and flakes over rustic pine wood table

FSTOPLIGHT/E+ via Getty Images

By Michael Smith

The USDA Planted Progress report has just been released and the progress report now puts 2022 plantings at around the five-year average. Sugar beets are continuing to plant behind average time-frames as Minnesota and North Dakota struggle with weather delays. Per the USDA report, corn, soybeans, and other silage are looking about in target.

Wheat condition continues to be an issue year over year for the winter crop, but the headings are coming along nicely. Spring wheat planting still lags the five-year average coming in at 73%, with the five-year average of 92% at this stage in the current year. Wheat plantings will continue, as the crop prices due to the consequential issues on agriculture blockage of Ukraine exports is keeping milled flour future prices high.

Commodities markets are currently down and also closed. I continue to listen to commodities traders, grain elevators, and those deep into the agriculture commodities business. The more I learn, the more I see that commodities traded in Chicago have only a few touch points to the actual crop traded and the speculative forces are highly at play. Potentially, the better indicator would be bushels supplied/reaped, which we should be able to predict once emergence and condition are assessed. To that end, emergence is looking very good and the condition is wet in the north and dry in the south. West Texas has still struggled with lack of rain, so cotton will be an issue. As I had stated previously, Texas and crops planted in February or March in the south are now or have already been harvested. Cornbelt has been getting somewhat steady rains, and everyone east is doing fine, or a little more than fine. Weather is sporadic all thought the country, however, all eyes will definitely be on the wheat crop this year.

Original Post

Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

This article was written by

The Angry Bear profile picture
483 Followers
In 2010 24/7 Wall St. named Angry Bear among the top twenty independent financial blogs on the net. Quote: "The Angry Bear www.angrybearblog.com. Half a dozen professionals, including a tax law expert, a historian, PhDs in economics, business consultants and financial professionals provide perspectives on the financial world. Despite their expansive coverage of economic issues, their articles are as deep as their coverage is extensive. Topics include world trade, industrial production, U.S. Government programs, and major regulatory issues." 2010 FINS from The Wall Street Journal named Linda Beale's Ataxingmatter in The Top Five Tax Accounting blogs to read for 2009-2010. Our current economists are Mike Kimel, Spencer England, Robert Waldmann, and Rebecca Wilder. Linda Beale is an expert in tax law and matters related to taxes. Ken Houghton has expertise in finance. Bruce Webb has added his expertise in particular on Social Security. Daniel Becker brings a small business perspective to his writing. Daniel Crawford: aka Rdan and Angry Bear blog Bios in alphabetical order: Linda Beale: I am a law professor at Wayne State University Law School who teaches various courses in the area of federal income tax, such as introduction to federal income tax, corporate taxation, partnership taxation, international taxation and perhaps in the future a course in statutory interpretation focussed on tax. Daniel Becker: I have two businesses: a practice in the health care field and a retail business of flowers and plants. I have served as an officer of 2 non-profits and my state society. I have testified before my state legislature. I have personally won in my state supreme court. Ken Houghton: A principle in his own company and former economist for several major financial companies. Spencer England: Before I started my own consulting business I was an economist for the CIA for 10 years and worked for a couple of Boston investment management firms as their in house economist, investment strategist for some 12 years. My original field of study was international economics and international finance. I celebrated the 20th anniversary of publishing SEER -- my equity strategy product. I model the S&P industries and advise portfolio managers on how to structure their portfolios by recommending industry weights. Mike Kimel: Formerly an economist for a Fortune 500 company and now an economist for a private corporation and author of Presimetrics blog and the book Presimetrics: How Democratic and Republican Administrations Measure Up on the Issues We Care About to be published August 2010. The book can be pre-ordered. RobertWaldmann: I have a PhD in economics (Harvard 1989) and teach economics at the University of Rome "Tor Vergata". Oddly, I don't blog much at my own site rjwaldmann about economics or Italy. As an economist (roughly) I am interested in behavioral economics, growth, and the economics of inequality. Actually much of my current research, such as it is, is really in econometric methodology and statistics. I was very unorthodox in the 80s, but the orthodoxy is much less rigid now. Bruce Webb: is a current member of the National Academy of Social Insurance (NASI). I am by training a historian who then has spent my working career in information retrieval and land use regulation. My interest in Social Security arose when I noticed in passing that the dates related to 'crisis' were moving but that nobody seemed to be noticing that and still less asking the key questions 'why?' and 'can this go on?' Rebecca Wilder: After receiving my Doctorate in Economics, I was an assistant professor for two years. However, I realized that teaching just wasn't for me and took a job in private sector. Now, I am an Economist in the financial industry. As an economist in finance, I analyze data, write commentary, and offer economic insight to traders, chiefs of staff...

Recommended For You

Comments (1)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.