U.S. Corn Planting Is Officially Behind
DES MOINES, Iowa — The U.S. corn planting pace is officially behind averages, with more rain scheduled to keep Midwest fields damp this week.
As of Sunday, 47% of the U.S. corn crop had been put into the ground vs. a 52% five-year average and a trade expectation of 50%, according to the USDA Crop Progress Report Monday.
The governmental agency noted that Illinois’ corn planting skidded to a near halt, only increasing by 2% from last week going from 63% complete to 65%.
For Iowa, farmers in this state made the biggest leap in a week’s time, going from 28% planted to 52%.
USDA pegged Minnesota’s corn planting completion at 35%, a huge improvement from 12% a week ago. Still, Minnesota farmers remain behind their five-year average of 55%.
For other major corn-producing states, Indiana planting is over the halfway point at 51%, up from 45% last week.
Al Kluis, Kluis Commodities, says today’s report could give the corn market a friendly kick.
“Today’s report is slightly friendly for prices tonight. I expect corn to start out 1¢ to 2¢ higher tonight. And, for soybeans, this report is neutral to slightly friendly for prices tonight. I expect soybeans to start out 1¢ to 3¢ higher tonight,” Kluis stated in a daily note to customers Monday.
Also, USDA pegged U.S. corn emergence at 15%, below a 19% five-year average.
For soybeans, 14% of the the nation’s crop has been planted vs. a 17% five-year average.
USDA pegged Illinois’ soybean planting pace at 14% vs. a 16% five-year average.
In Iowa, the farmers have planted 9% of the crop vs. 14% five-year average.
USDA rated the U.S. winter wheat condition as 53% good/excellent, slightly below a week ago of 54%.