Farmer selling of corn and soybeans remained light this past week as corn planting got under way in number of Midwest areas before weekend showers and cooler weather forced a halt to that activity.
Rain amounts of ½ to 1-1/2 inches were reported from Iowa to southern Indiana through early Monday. The planting delays were not considered serious for corn as forecasts indicate a break in the wet pattern next week.
USDA Crop Progress and Condition report on Monday showed corn planting at 9%, which is up from 2% a week ago. The trade was largely expecting 10% or more. USDA will add soybean planting progress next week.
While farmers are sidelined, grain dealers are shipping corn and soybeans down river to Gulf export points, to southeast poultry markets, to Pennsylvania ethanol plants and to local food and feed processors.
An Illinois shipper said corn buyers in the southeast about have their needs covered.
"I think the demand is starting to shift back to the local ethanol market," he said and added that processors remain the best markets for central Illinois soybeans.
High water on the Ohio River has not affected barge loadings and a southern Indiana shipper said water levels are forecast to decline this week. Last week, USDA said high water had reduced tow sizes and delayed transit times on the Mississippi and Ohio rivers. It also pushed up barge rates 2% to 8% on Mississippi and Illinois Rivers from the previous week.
More corn than soybean barges are being loaded on the Mississippi River. Soybean shipments often slow now as importers shop in South America.
The latest weekly export inspections on Monday morning put soybeans at 5.4 million bushels, down from 16.6 million a week ago down from trade forecasts. Corn's 42.1 million bushels were up from the previous week and topped trade forecasts, while wheat's 20.7 million bushels were up from a week ago and also better than trade forecasts.
More export numbers >>
Corn Destinations –Week ended April 16, Tonnes
Soybean export destinations – Week ended April 16, Tonnes
Wheat export destinations – Week ended April 16, Tonnes