US corn crop advancing rapidly

20 June 2011 23:38  [Source: ICIS news]

HOUSTON (ICIS)--Despite planting delays because of wet midwestern fields, the 2011 US corn crop has advanced rapidly over the past week and has almost caught up with historic trends, data released by the US Department of Agriculture (USDA) indicated on Monday.

As of 19 June, 97% of the 90.7m acres of corn planted in the 18 top-producing states had emerged, compared with 100% that had emerged by that date in 2010 and the five-year average of 99%, the USDA said in its weekly Crop Progress report.

Of the corn emerged, 56% was rated in good condition, while 13% was rated as excellent, compared with 56% good and 19% excellent on the same date in 2010.

USDA also reported that 97% of a projected 75.7m acre soybean crop had been planted by 19 June, compared with 87% of the crop being planted by the same date last year.

Futures prices for corn and soybeans were both slightly higher Monday at the Chicago Mercantile Exchange after falling by about 8% last week as crude oil and other commodities shrank from recent highs.

 

Read Paul Hodges' blog, Chemicals and the Economy


By: Frank Zaworski
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