ALTOONA, Wis. (WEAU)- Another USDA report comes out later this morning. The April Supply and Demand report is one of the less anticipated reports since the March report had prospective planting numbers and updated ending stocks. But still traders expect this report will show how trade is moving. And the early estimates are that ending corn stocks will increase for the current marketing year to just over 2 billion bushels-but that's down a little from a year ago keeping prices about where they've been the past few weeks. Soybean stocks are expected to be up from the March report-to about 913 million bushels-which would be a record high. That report comes out at 11 o'clock this morning.
But that soybean number is dependent on any progress being made on a new U.S.-China trade agreement. After meeting with the Chinese vice premier last week at the White House, President Trump said no agreement has been reached yet but indicated one could be done in about a month. He told the media things are looking good since some of the toughest issues have now been worked out. And he also added if you here of an upcoming summit with China's President, you can expect a deal.
The USDA has begun issuing its weekly Crop Progress reports now that the planting and growing season has begun. Corn planting is now 2% completed with most of the early planting being done in Texas where farmers have 535 of their corn in. The report also shows 27% of the oats are in, 14% of the sorghum and 6% of the cotton has also been planted. The report also show 60% of the winter wheat across the country is in good to excellent condition but there are problems with the crop in Ohio and Michigan. In Wisconsin the report shows farmers have 1% of their spring tillage done and 1% of their oats planted and topsoil moisture is rated 99% adequate to surplus.
The Wisconsin horse industry is gearing up for its annual showcase event-the Midwest Horse Fair at the Alliant Energy center in Madison. This is the 40th year of the show and this year's theme is 40 Years of legends. One of the highlights of the 3 day show, which starts Friday, is the Mustang Challenge. That will pit 56 horse trainers against each other as they have been training wild mustangs since January and will show them off over the weekend.