Corn, soybean, and wheat prices increased by double digits today due to the cold weather preventing farmers from planting. Planting delays may thwart estimates of the U.S. producing in 2013 the largest corn crop on record.
Week to week corn planted acreage only progressed by 1% resulting in 5% of the U.S. corn crop planted. This in contrast to last year at this time of 49% of the corn crop planted and the five year average of 31%. Corn that has emerged as of April 29, 2013 consists of 2% of the corn crop, down 4% from the five year average. The delayed planting is due to increased moisture from snow and rain seen throughout the Corn Belt and the forecast for the next week is not any better.
Winter wheat conditions remain bleak as 35% of the crop is in bad or very bad condition compared to only 10% at the same time last year. Winter wheat in good or excellent condition is 33%, compared to 64% last year. Last year at this time 55% of winter wheat had headed, but only 14% has headed this year. As of April 29, 2013 12% of the spring wheat has been planted but an astonishingly 70% were already planted at the same time last year.
Corn prices increased by 6.0% over the past week ending at $6.84 per bushel, soybean prices increased by 3.8% over the past week ending at $14.71 per bushel, and wheat prices ended the week at $7.09 per bushel, a 1.0% increase from last week. Year-over-year corn prices are up 3.6%, soybeans are down 2.1%, and wheat is up 9.6%.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.