Crop Progress: 37% Lag In Corn Planting

Includes: CORN, SOYB, WEAT
by: T. Marc Schober

Wet and cold weather persisted throughout the Corn Belt last week, although some farmers have been able to plant due to improving, regional, conditions. Anxious farmers sowed 16% of the 2013 corn crop last week alone. The weather forecast moving forward is warmer with a chance of a storm system moving into the Corn Belt later this week.

As of May 12, 2013 only 28% of the U.S. corn crop has been planted. Farmers are concerned as the five year average at this point of the year is 65% planted. Corn that has emerged was at 5%, down 23% from the five year average. Soybeans planted as of May 12, 2013 was at 6%, behind the five year average of 24%.

Winter wheat conditions are at 39% of the crop in poor or very poor condition, compared to only 14% at the same time last year. Winter wheat in good or excellent condition is 32%, compared to 60% last year. Last year at this time, 51% of winter wheat had headed, but only 29% has headed this year. As of May 12, 2013, 43% of the spring wheat crop has been planted, lagging the five year average of 63%.

The July corn contract increased by 3.0% over the past week ending at $6.55 per bushel, soybean prices increased by 3.7% over the past week ending at $14.19 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 3.1%, soybeans are up 1.0%, and wheat is up 2.0%.

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.