Crop Progress Report: Farmers Overcome Poor Conditions To Get Corn Planting Back On Track

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

Summary

Following weeks of poor weather, including rain and below average temperatures, farmers were finally able to get caught up on their planting, doubling the planted acres estimate in one week.

The USDA estimated 59% of corn acres were planted across the U.S. as of May 11th, a 30% increase from the prior week.

Soybean planting is on schedule with 20% of the overall acres planted, just 1% behind the five-year average.

Winter wheat conditions were slightly changed from the past week. The USDA reported that 20% of the wheat was in very “poor” condition from 17% last week.

Following weeks of poor weather, including rain and below average temperatures, farmers were finally able to get caught up on their planting, doubling the planted acres estimate in one week.

The USDA estimated 59% of corn acres were planted across the U.S. as of May 11th, a 30% increase from the prior week. After significant concern over the progress in planting, farmers worked around the clock last week and were able to surpass the five-year average of 58%. Despite the positive news, Minnesota, North Dakota, and Wisconsin are still way behind in their planting due to continued cold and wet weather that has lingered over the upper-Midwest.

Soybean planting is on schedule with 20% of the overall acres planted, just 1% behind the five-year average. Minnesota, North Dakota, and Wisconsin progress are lagging for soybeans as well, also due to the poor weather in the area.

Winter wheat conditions were slightly changed from the past week. The USDA reported that 20% of the wheat was in very "poor" condition from 17% last week. There was no change in the wheat rated "excellent," but the wheat rated "good" was increased 1%.

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.