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.