US corn crop is 91% planted, soybeans are 57%

03 June 2013 23:34  [Source: ICIS news]

HOUSTON (ICIS)--A return of steady rain falling through the heart of the corn growing states slowed the progress farmers had made in the middle of May as corn plantings inched up to 91%, according to Monday’s release of the weekly crop progress report by the US Department of Agriculture (USDA).

This season has been a struggle to get away from weather delays, caused by a recent spate of storms. For the reporting period, farmers gained five percentage points over the prior week level of 86%, closing the gap to the 95% mark for the five-year average.

The weather is also raising concerns over how the crop, which is emerging rather rapidly, is performing under the adverse conditions. The USDA report stated that crop emergence is at a 74% level compared with 54% last week and 82% for the five-year span.

Key growing states yet to finish are Pennsylvania at 89% completed followed by Texas at 96%, Wisconsin at 98% and Michigan at 99%.

For the first time, the report rated corn conditions across the 18 states included in the survey with 2% very poor, 5% poor, 30% fair, 52% good and 11% excellent.

Slowed by the weather as well but still making some gains, soybean plantings increased 13 percentage points to come in at 57% of the plantings completed versus 93% in 2012. The five-year average was reported at 74%.

The report shows the soybeans are getting out quickly as well, as 31% of the crop has emerged versus 14% the previous week and 76% in 2012 with 49% the five-year average.

Agricultural analysts are viewing the latest report numbers as being bullish for corn, as there will be concerns over how the excessive moisture could hinder the crop and how pollination could be impacted by heat conditions later this month and into July. Soybeans take a bullish tone due to their pace of plantings being slowed by the recent weather.

Cotton plantings are also making strides, the commodity saw an increase of 23 percentage points, and is now reported at 82% completed versus 87% in 2012. The five-year average was reported at 83%.

By: Mark Milam
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