Planting Season: Crop Progress Report #6

The USDA Crop Progress report showed that corn planting advanced 9% this week to get to 67% planted. This compares to the average trade estimate at 69% and my Friday estimate at 70%. The five-year average is at 97%.  Illinois was reported at 45% which was about 10% less than expected. The list of states that are is way behind includes Indiana, Ohio and South Dakota.

The report today showed corn emergence at just 46% compared to the five-year average at 84%.

Here is what to watch for in future reports.

 

Six Year Average Actual USDA
Monday, April 15 5% 3%
Monday, April 22 12% 6%
Monday, April 29 25% 15%
Monday, May 6 43% 23%
Monday, May 13 63% 30%
Monday, May 20 81% 49%
Monday, May 28 90% 58%
Monday, June 3 96% 67%
Monday, June 10 99% 83% (Al’s Estimate)

 

For soybeans, nationwide planting was reported at 39%. This is very close to what I expected. This compares to 29% last week and the five-year average at 75%, and last year at 87%.  This report should be supportive for prices.