US corn planting 73% done, catching up to normal

19 May 2008 22:20  [Source: ICIS news]

HOUSTON (ICIS news)--The US corn crop was 73% planted as of 18 May, up from 51% a week earlier and rapidly catching up to the five-year average for this time of year of 88%, the US Department of Agriculture (USDA) said on Monday.

The corn planting and associated ammonia application season got off to a slow start this year due to persistent wet weather in the midwest, but conditions have improved over the last two weeks.

The weekly USDA survey covers 18 states that accounted for 91% of the corn acres planted in 2007.

Iowa, in the heart of the corn belt, showed one of the most significant turnarounds over the previous week.

The Iowa crop was 78% planted as of 18 May, up from 46% a week earlier but still below the state's five-year average of 88%.

Illinois, another of the slowest starters, also improved but was still well behind the long-term trend.

The Illinois crop was now 75% planted, up from 60% a week earlier but below the five-year average of 97%.

The delayed start to the planting season backed up the ammonia supply chain and raised speculation that some farmers might switch to soybeans, which can be planted later in the season.

But the latest data was consistent with perceptions among market participants that farmers have largely stuck with corn to take advantage of buoyant prices.

The improving prospects for corn planting have weighed on sentiment in the corn futures market in recent days. The front-month corn contract closed down by 4 cents/bushel at 587 cents on Monday, after peaking earlier this month at around 640 cents/bushel.

To discuss issues facing the chemical industry go to ICIS connect
For more on ammonia visit ICIS chemical intelligence

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly