U.S. Corn Planting Nears Completion, USDA Reports
DES MOINES, Iowa — The U.S. corn crop’s progress is well behind a year ago, while the soybean planting pace remains behind its five-year pace, according to the USDA’s Weekly Crop Progress Report.
As of Sunday, 91% of the U.S. corn crop had been put into the ground vs. a 93% five-year average and a trade expectation of between 90% and 93%, according to Monday’s report.
The governmental agency noted that the U.S. corn crop is rated as 65% good/excellent vs. a 72% year-ago rating.
USDA pegged corn emergence at 73% vs. a 75% five-year average.
Al Kluis, Kluis Commodities, says today’s report is no real surprise to investors.
“Today's report is neutral for prices tonight. I expect corn and soybeans to start out steady to 1¢ higher tonight,” Kluis stated in a daily note to customers Monday.
For soybeans, 67% of the the nation’s crop has been planted, compared with a 68% five-year average.
USDA pegged the soybean crop as 37% emerged, slightly below a 40% five-year average.
Meanwhile, the U.S. wheat crop is rated as 50% good/excellent, below a 52% week ago rating.