Illinois Corn Planting Pace Pulls U.S. Close To Average
DES MOINES, Iowa— The U.S. 2017 corn planting pace remains slightly behind the average, and may stay that way with the Midwest facing a lot of rain events in the next two weeks.
On Monday, the USDA Weekly Crop Progress Report rates the U.S. corn planting completion rate at 17%, well ahead of last week’s 6% rating, but below the 18% five-year average.
Because of heavy planting in Illinois, last week, the nation’s completion rate is bigger than the trade’s expectation of 13%.
Al Kluis, Kluis Commodities, says that today's report could put pressure on tonight's market.
"Today's report is slightly negative for prices tonight. I expect corn to start out 1 to 2 cents lower tonight. For soybeans, this report is neutral to slightly negative for prices tonight. I expect soybeans to start out 1 to 2 cents lower tonight.
The spring wheat could be supported, as a result of a slower planting pace," Kluis stated in a note to customers Monday afternoon.
The corn farmers in the state of Illinois surged to 34% completed, compared with just 6% a week ago, and way ahead of the 28% five-year average.
Indiana farmers have planted 15% of their state’s corn crop vs. 4% a week ago.
The USDA pegged Nebraska’s corn planting rate at 17% vs. 3% a week ago and an 11% five-year average.
Iowa’s corn planting pace at 8%, as of Sunday, moved ahead of a 2% rating a week ago, but sharply behind a 14% five-year average.
In its report, the USDA rated corn emergence at 4% vs. a 4% five-year average.
The USDA pegged the U.S. soybean planting rate at 6% vs. a 3% five-year average.
The U.S. winter wheat crop conditions were pegged as 54% good/excellent, equaling a week ago.
Meanwhile, the U.S. spring wheat crop is 22% planted vs. a 34% five-year average.