10 June 2013 23:40 [Source: ICIS news]
HOUSTON (ICIS)--Despite weather delays that saw rain again falling through the key growing states, US farmers are nearly finished sowing the 2013 corn crop, with plantings now at 95%, the Department of Agriculture (USDA) said on Monday in its Weekly Crop progress report.
While the rain and wet fields may have slowed the overall pace throughout the crucial month of May, agricultural producers gained four percentage points over the prior week for the reporting period ending 9 June.
The USDA report stated that crop emergence is at an 85% level compared with 74% last week.
There still remains concern from farmers that the excessive precipitation could have some lingering impact on crop health and eventual yields, but at this point any damage has yet to be seen.
The report rated corn conditions as being only marginally changed from the 3 June report, with the crop being rated as 2% very poor, 6% poor, 29% fair, 53% good and 10% excellent.
For the week, soybean plantings increased 14 percentage points to come in at 71% of the plantings completed compared with 97% at this point in 2012.
Like the corn crop, the 2013 soybeans are making significant progress in their growth, as 48% of the crop has emerged versus 31% the previous week.
Agricultural analysts believe the latest report numbers are going to be viewed as neutral given the pace of activities for corn going into the field and its rate of emergence, with soybeans also neutral as the market has already taken into account that this year’s crop is running behind the typical schedule.
Cotton plantings also saw a slight increase in completion, as the commodity gained 6 percentage points and is now reported at 88% completed versus 95% in 2012.
Looking at the trading activities, it appears that weather and its related delays are not as much the centres of attention as would be expected, but rather it is the anticipation that Wednesday’s release of June World Agricultural Supply and Demand Estimates (WASDE) report will again show increased corn and soybean supplies that is placing downward pressure on futures pricing.
The grain markets started the week sliding backward, as July corn closed down 16.2 cents to end the day at $6.50/bushel (€4.94/bushel). Soybeans were down 16.4 cents on Monday to close at $15.11/bushel.
($1 = €0.76)
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