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CROP PROGRESS: Corn planting hits 71% versus 70% average; soybeans at 32%

17 May 2017

The window for farmers to plant seeds is only a few weeks, depending on the crop and how long it takes to mature.

Not that all observers see this as a wise idea.

Soybean futures for July delivery rose 1.1% to $9.76 1/4 a bushel at the Chicago Board of Trade, the highest close since late March. Winter wheat jointed was 94 percent, near 90 a year ago, and ahead of 76 average. The Illinois state report did not provide a specific reason for wheat dropping to 52% good/excellent from last week's 60%, but the state had about 0.9 in. of rain over the past week and 1.9 days suitable for fieldwork.

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"Progress was very rapid in the last week as weather improved", Vogel said, "and this has calmed worries in the corn market, which in turn is also undermining wheat".

It rated about 27 percent of the wheat crop in poor or very poor condition. Livestock conditions were reported as good.

The break in the weather was important because the current forecast calls for a wet week for much of Minnesota.

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Wheat, corn and soy USA cents/bushel.

CBOT July corn futures closed unchanged at $3.67 3/4 a bushel while wheat rose 0.2% to $4.24 1/4. Some producers were hoeing corn to help with emergence issues. May 9 was mostly dry with light rain coming late in the day over the far north. Statewide, the average temperature was 62.7 degrees, 1.2 degrees above normal.

"That has provided some support to the soybean complex".

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The real gained 0.4% against the dollar, to R$3.0978 to $1, while the greenback itself fell 0.8% against a basket of currencies to a six-month low, boosting the affordability of United States exports.