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USDA: Soybean Planting Loses Traction

U.S. soybean planting pace falls behind the five-year average, while the young corn crop condition rating stays idle for the week, according to the USDA.

In its weekly Crop Progress Report, the USDA pegged the U.S. corn crop as 91% emerged with 84% a week ago and a 90% five-year average. The corn’s good/excellent rating of 74% remains the same as a week ago.

The nation’s corn crop is pretty much planted so the USDA has stopped planting reports.

For soybeans, the crop is 79% planted vs. an 81% five-year average. The USDA rated 64% of the crop as emerged vs. a 63% five-year average. The good/excellent rating of 69% is well below a 74% rating, at this same time a year ago.

The USDA sees the U.S. winter wheat harvest at 4% complete, sharply below a 12% five-year average. 

Spring wheat’s good/excellent rating fell from 71% last week to 69% this week.

Al Kluis, Kluis Commodities, sees the Monday afternoon report as neutral for the Monday night electronic trading corn market, a little positive for soybean trading, and friendly for wheat.

“The corn condition rating was a little better than I had expected. The soybean planting is at 79% complete, a little less than expected,” Kluis says.  

Meanwhile, conditions were unchanged at 74% good to excellent. “The problem areas are in the southern Plains, while the central Corn Belt looks great,” he says. 

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