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U.S. corn planting pace below five-year average

Agriculture.com Staff 04/17/2007 @ 6:45am

U.S. corn planting progress is not even half of the five-year average, with Illinois and Iowa less than 1% planted, according to USDA.

On Monday, USDA's weekly Crop Progress report indicated 4% of the corn crop is planted, below a 9% five-year average.

Noel Blue, a CBOT floor trader and analyst, said the report shows that planting for corn is still being delayed due to wetness. "But, drier weather is in the forecast, which pressures prices somewhat in the near term."

Wheat conditions dropped 9%, but within expectations, according to the USDA report.

"This week looks as though some progress may be made, but this weekend remains questionable, especially for the northern Plains' wheat," Allendale's analysts said in their daily newsletter.

USDA said that 55% of the winter wheat crop was rated good to excellent, down from 64% the previous week. Also, 6% of the spring wheat crop was planted, down from 9% a year ago.

The report was bullish as it showed the condition of the crop continued to decline over the past week, and falls below the previous year's averages, Blue said.

U.S. corn planting progress is not even half of the five-year average, with Illinois and Iowa less than 1% planted, according to USDA.

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