Crop Market Update: April 26, 2016

Corn is lower this week with Greenville cash corn currently trading $0.07 lower than a week ago and $0.09 lower than a year ago at $3.83/bu on Friday. May futures contracts are also $0.07 lower on the week at $3.72/bu. Mississippi producers have 76% of the state’s corn crop in the ground, slightly ahead of last year’s pace but behind the 5-year average of 83%. Favorable planting conditions have put U.S. producers well ahead of average, with 30% of the U.S. corn crop in the ground compared to a 5-year average of 16%.

Soybean markets are trading higher this week, with Greenville soybeans trading $0.31 higher at $9.94/bu on Friday. A year ago, Greenville soybeans were trading for $10.00/bu. Nearby May soybean futures are trading $0.31 higher than a week ago. Mississippi producers are right on pace in planting soybeans with 25% of the state’s crop in the ground compared to a 5-year average of 27%. Producers across the U.S. have just begun planting soybeans with 3% of the crop in the ground nationally.

May wheat futures are unchanged from a week ago while Greenville wheat prices are also unchanged on the week at $4.52/bu on Friday. A year ago, Greenville cash wheat was selling for $5.11/bu. Mississippi’s wheat crop is in mixed condition so far this year with 12% rated poor or very poor and 48% rated good or excellent. Nationally, the wheat crop is in relatively good condition with 59% of the U.S crop rated good or excellent, much better than last year when 42% of the U.S. crop was rated good or excellent.

Cotton prices finished the week up sharply with South Delta cash prices trading $4.16/cwt higher than a week ago at $64.19/cwt and $0.05/cwt lower than a year ago. Nearby cotton futures are also lower with May Cotton futures closing at $63.08, down $3.05/cwt from last week. Mississippi producers have currently planted about 6% of the state’s cotton crop, slightly ahead of a year ago and slightly behind the 5-year average of 7%.

For more detail on crop futures and Mississippi local cash prices click here.

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