Cold and wet weather has delayed planting across much of the U.S. Despite the weather, farmers are confident the delay will not affect the corn crop for 2014.
The USDA Crop Progress Report released today estimated 19% of corn acres are planted across the U.S., a 13% increase from the prior week. Farmers are well ahead of where they were at this point last year, quelling some fears of another disastrous planting season. The current report is still behind the five-year average for this time of year of 28%, and the USDA report fell short of expected estimates for today's report, which were between 20% to 25%.
Corn emergence was high, considering the low planting levels that have been reported for the past few weeks. USDA reported that 3% of the total U.S. corn crop has emerged, 1% above reported levels last year, but 3% below the four-year average.
Soybean acres planted were reported for the first time this year. Estimates are much more positive than those of corn, reporting 3% of soybeans acres planted, only 1% behind the five-year average. With more time to get soybeans planted, this is a positive outlook for a planting season that has been poor thus far.
Winter wheat conditions reported are in line with numbers reported at this time the previous year. Planted spring wheat reports are low, with 18% of expected acres planted, 12% behind the five-year average.
Corn, $5.13 per bushel, and wheat, $7.08 per bushel, both traded 5% higher from the past week, while soybeans, $14.98 per bushel, traded less than 1% lower. Corn traded higher because of poor weather reports and concerns that the crop will be hindered by delayed planting. Wheat traded higher because of continued tension in Eastern Europe between Ukraine and Russia causing concern over logistical issues for the Black Sea ports.
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