Crop insurance's earliest planting dates, for corn, usually ignites a stamped of planters into the fields, but heavy rains and snow accumulation across the Corn Belt has left farmers on the sideline. As of April 14, 2013, only 2% of the U.S. corn crop has been planted. This would not come as a surprise as planting season has just begun; but last year at this time the U.S. had already planted 16% of the corn crop.
Large corn producing states such as Iowa, Minnesota, Nebraska, North Dakota, South Dakota, and Wisconsin have planted a combined zero percent of their corn crop for 2013. Farmers in the Corn Belt were planning on beginning planting this week, although cold weather and snow may delay their ability to get in the fields. Some farmers in the northern Corn Belt are already thinking about switching from corn to soybeans for 2013.
Corn prices increased by 2.1% over the past week ending at $6.46 per bushel, soybean prices increased by 1.2% over the past week ending at $13.95 per bushel, and wheat prices ended the week at $6.93 per bushel, a 2.7% decrease from last week. Year-over-year corn prices are up 3.7%, soybeans are down 1.8%, and wheat is up 12.5%.
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