17 June 2013 22:52 [Source: ICIS news]
HOUSTON (ICIS)--With US farmers having completed the sowing of the 2013 corn crop, the attention now turns toward crop emergence, with 92% of this year’s crop reported as being up and growing, according to Monday’s release of the Weekly Crop progress report by the Department of Agriculture (USDA).
For the purpose of their weekly report, the USDA is considering that all intended acreage has been planted and will update the total acreage in a report set for release on 28 June. As of Monday, crop emergence is at 92% compared with 85% last week and 97% for the five-year average for this time of year.
The main concern for producers is that the crop is not only late in some regions but has also been hampered by excessive precipitation, with some areas seeing yellowing plants and less-than-ideal stands in the fields. Fertilizer applications are underway, with applications of nitrogen and ammonia going down in an effort to boost yields and reverse possible early season nutrient deficiencies.
The USDA report rated corn conditions as being only slightly changed from the 10 June report, with the crop being rated as 2% very poor, 6% poor, 28% fair, 52% good and 12% excellent.
For the second straight week, soybean plantings posted a 14 percentage point increase to come in at 85% of plantings completed versus to 98% in 2012. The five-year average was reported at 91%.
Soybeans continue making substantial progress in their growth, as 66% of the crop has emerged versus 48% the previous week and 94% in 2012. The USDA reports that the five-year average is 80%.
Cotton plantings are drawing close to completion, with the commodity gaining 7 percentage points to come in at 95% completed versus 98% in 2012. The five-year average was reported at 97%.
On Monday, the grain markets started the week with corn and soybeans heading in opposite directions. Corn got a boost from renewed interest from traders in terms of exports and potentially tighter ending stocks to close up 13.4 cents at $6.68/bushel (€5.01/bushel).
An improved weather forecast that spurred increased speculative selling saw soybeans retreat 4 cents downward to close at $15.12/bushel.
($1 = €0.75)
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