Farm Progress

Market Update for April 30, 2018

Bryce Knorr talks about weather and basis. (audio)

April 30, 2018

The weekend of April 28-29 gave farmers their first open weekend to plant across much of the country. Soil temperatures have warmed to the 50 degree range. The weekend of planting activity should boost planting progress in this afternoon's report. Growers have three weeks to get the crop into the ground before the trade gets worried. The trade wants 85% of the nation's corn crop planted by the third week of May.

There's a stronger corn bid and firming futures basis as growers get busy in the field with less time to take corn to the ethanol plant or export port. There was particular strength in the Ohio River Valley. The situation is more mixed for soybeans.

The dollar is sharply higher with eyes focused on the Federal Reserve, which meets this week. The Federal Reserve is not expected to raise interest rates this meeting, but their statement will come out Wednesday. 

Many markets around the world are off tomorrow for May Day.

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