USDA reports corn plantings at 71%; soybeans at 24%

21 May 2013 02:52  [Source: ICIS news]

HOUSTON (ICIS)--US farmers made record pace in the 2013 season as corn plantings have climbed to 71% nationwide according to Monday’s release of the weekly crop progress report by the US Department of Agriculture (USDA).

The increase was a gain of 43 percentage points versus previous week’s report, only slightly behind the quick start in 2012 when 95% was planted by this same time and the 79% level of the five-year report average.

Another good sign for the season is that the USDA report stated that crop emergence is at a 19% mark compared with 5% in the previous week and 46% for the five-year span.

Texas and Nebraska lead the key growing states with 84% planted, followed by Illinois at 74%, Iowa at 71% and Indiana at 64%.

In addition, planting sources have confirmed that the applications of nitrogen and ammonia also started in the past week and are being viewed as encouraging to fertilizer producers and distributors.

It also signals the start of what is expected to be robust refilling period in the near term, even though it may be delayed a little more into the summer than normal.

The soybean crop rose 18 percentage points week on week to come in at 24% of the plantings completed versus 71% in the same time last year. The five-year average was reported at 42%.

Agricultural analysts say the newest figures will be viewed as bearish for both corn and soybean, a complete reversal for both commodities from the previous week’s report.

The other major commodity making significant strides is cotton as the total acreage planted increased by 16 percentage points to 39% in the week, compared with 59% in the same period last year and 52% for the past five years.

On 20 May, July corn price was down by 3.2 US cents (2.5 euro cents) to end the day at $6.49 per bushel while soybeans price rose 16 cents to close at $14.64 per bushel.

($1 = €0.78)

By: Mark Milam
+1 713 525 2653

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