Planting delays continue throughout the Corn Belt but improved weather over the next week is giving hope to a drenched region. If wet weather persists, there is cause for alarm as yields start to drop considerably as corn is planted after April.
As of May 5, 2013, only 12% of the U.S. corn crop has been planted. Farmers are concerned as the five-year average at this point of the year is 47% planted. Corn that has emerged is at 3%, down 12% from the five-year average. Heavy rains over the past weekend will keep farmers at bay through the middle of the week. Soybeans planted as of May 5, 2013, is at 2%, behind the five-year average of 12%.
Winter wheat conditions worsened as 39% of the crop is in poor or very poor condition compared with only 12% at the same time last year. Winter wheat in good or excellent condition is 32%, compared with 63% last year. Last year at this time 64% of winter wheat had headed, but only 20% has headed this year. As of May 5, 2013, 23% of the spring wheat has been planted, lagging the five-year average of 50%.
Corn prices decreased by 0.9% over the past week ending at $6.78 per bushel, soybean prices decreased by 1.8% over the past week ending at $14.44 per bushel, and wheat prices ended the week at $6.93 per bushel, a 2.3% decrease from last week. Year-over-year corn prices are up 2.0%, soybeans are down 1.3%, and wheat is up 14.4%.
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