About 83 percent of the U.S. corn crop was planted as of May 26, back on average pace after a couple weeks of rain delaying fieldwork. More than half the crop had emerged. Next week, USDA will begin reporting on corn crop condition. At the end of June, we’ll see acreage estimates revised from the March forecast: Will corn planted area remain around the currently estimated 90 million acres? In the last five seasons, USDA has added to corn acreage in the June report. (However, final acreage often ends up a bit lower than the June number.) 

U.S. soybean plantings were 68% complete as of May 26 and 39% emerged. Soybean prices fell this week.

Spot #11 world raw sugar is trading sideways above 18 cents per lb, near 14-month lows. The large Brazilian center-south crop and weak real are still weighing on the market. Nearby #16 domestic raw sugar may again test psychological resistance near 37.00 cents. 

The NY cocoa futures dropped lower in May than in previous months. ICCO forecasts a further decline in global cocoa deficit from 74,000 MT to 374,000 MT. The weather in West Africa is currently conducive for the cocoa crop’s development. 

We continue to see some signs of recession, yet still no recession. The expected rate of disinflation has not been realized, suggesting a possibility of increased inflation. The inverted treasury yield is about two years long, the longest since 1979-1980.

This report summarizes a small sampling of the information available on our IQ Ingredient Intelligence platform. Further insights, statistics, analysis, and pricing information for these commodities and others are available to IQ subscribers.

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Posted by: Information Services
Our Information Services team assists our clients with understanding commodity and ingredient market dynamics. Using our extensive database of intelligence, we also produce regular commodity and commercial market publications covering supply and demand fundamentals, news alerts on events that shape the markets, and resource guides to give you a complete picture of the industries we monitor.