Improved weather opened up a window for farmers to plant the 2013 crop, resulting in a 43% increase in week to week corn acres planted. Farmers in the Corn Belt will see increased moisture at the beginning of this week, favoring developed crops but slowing down planting the remainder of the crop.
As of May 19, 2013 71% of the U.S. corn crop has been planted. This was a huge jump in acres planted and only 8% behind the five year average of 79%. Corn that has emerged was at 19%, down 27% from the five year average.
Soybeans planted were at 24%, well behind the five year average of 42%. Last year at this time 32% of soybeans had emerged, but only 3% have emerged as of May 19, 2013.
Winter wheat conditions were 41% 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 31%, compared to 58% last year. Last year at this time 80% of winter wheat had headed, but only 43% has headed this year.
As of May 19, 2013 67% of the spring wheat has been planted, lagging the five year average of 76%. Of the spring wheat crop, 22% has emerged compared to the five year average of 49%.
The July corn contract decreased by 1.0% over the past week ending at $6.49 per bushel, soybean prices increased by 3.2% over the past week ending at $14.64 per bushel, and wheat prices ended the week at $6.85 per bushel, a 3.4% increase from last week. Year-over-year corn prices are up 2.5%, soybeans are up 3.7%, and wheat is down 2.7%.
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.