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Corn Planting Hits 95% Completion -- USDA
For all intents and purposes, corn planting is wrapped up for this year. As of Sunday, only 5% of the crop remains unplanted, slightly more than normal and just 3% above last week. Of the crop planted, 84% has emerged, about 5% above normal and a 10% increase in the last week, according to Monday's USDA-NASS weekly Crop Progress report.
In terms of crop conditions, corn's unchanged over the last week, with 74% in good or excellent condition.
Both soybean planting and emergence remain just slightly ahead of the normal pace, according to Monday's report, at 71% and 49% respectively. The normal pace for planting is 70% and normally, 45% of the crop has emerged by this week.
How will the grain market likely react to these numbers? It may be enough to help prices move higher -- especially corn -- in the overnight trading session, says market analyst and grain broker Al Kluis with Kluis Commodities.
"Today's report is a little positive for prices tonight. I expect corn to start out steady to one cent higher. The report is neutral--maybe a little supportive--for soybeans prices tonight. Look for a steady to higher market," he says. "This report will be a mixed bag for wheat prices. I expect wheat prices to be 1 to 2 cents higher or lower tonight."
Monday's report showed wheat conditions ticked just slightly lower in the last week, with now 44% of the crop in good or excellent shape, down 1% from the previous week.