Agriculture: Latest on Planting Progress

Includes: DBA, FUD, GRU
by: T. Marc Schober

Yesterday, the USDA released its weekly planting progress report. Progress in corn planting is almost complete across the 18 primary producing states. During the last week, 6% of the entire corn crop was planted; bringing the total planted crop at 93%. This compares to a 5-year historical average of 89% in similar time periods, and 2009’s estimate of 80%.

The USDA estimated corn emergence of 71% for the 2010 crop, which is above both the 5-year historical average of 62% and the 2009 estimate of 50%. 71% of the corn crop is in good or excellent condition, while 24% is in fair condition and 5% is in poor or very poor condition.

Of the 18 primary soybean producing states, 53% of soybeans have been planted, and 24% have already emerged. The 5-year historical average is 57% planted and 23% emerged. By this week last year, 44% of the soybean crop had been planted and 15% had emerged.

The planting of spring wheat continued on pace with the 5-year historical average, bringing the 2010 planting progress of 91% equal to the 5-year historical average. By this time last year, 75% of the spring wheat crop had been planted. Spring wheat emergence is still slightly ahead of schedule. The USDA estimated that 70% of the crop has emerged already, compared to the 5-year historical average of 68% and last year’s 42%.

The winter wheat crop continues to be in above fair condition. 66% of the winter wheat crop is in good or excellent condition, while only 9% is in poor or very poor condition. Last year, 45% of the crop was in good or excellent condition while 27% was in poor or very poor condition. The percent of headed winter wheat for this year’s crop was at 63% this week, which is 3% less than in 2009. The 5-year historical average is 68% for the week.

Corn prices increased 3.7% over the past week ending at $3.69 per bushel and soybeans were down 0.7% to $9.41 per bushel. YOY corn prices are down 16.0% and soybeans are off 26.0%.

Next week we look forward to continuing our reporting of USDA estimates of corn and soybean conditions, along with the usual planting progress.

Disclosure: No positions