US corn crop in good shape, soybeans emerging

21 May 2012 21:44  [Source: ICIS news]

HOUSTON (ICIS)--The 2012 US corn crop is in good condition while planted soybeans are emerging in the major producing states, data released by the US Department of Agriculture (USDA) indicated on Monday.

USDA's weekly Crop Progress Report said that as of 20 May, 62% of the corn planted in the 18 top-producing states is rated in good condition while 15% is rated as excellent.

Only 20% of the estimated 95.9m acres of corn planted this year is rated as fair, while 2% is rated poor and 1% very poor.

USDA said 76% of a projected 73.9m acres of soybeans had been planted as of 20 May and 35% of the crop has emerged.

December corn futures closed at $5.40/bushel on Monday at the Chicago Mercantile Exchange, up about 36 cents/bushel from a week earlier. November soybeans closed at $13.06/bushel, up 11 cents/bushel from Monday last week.

By: Frank Zaworski
+1 713 525 2653

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