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Summary

  • The USDA estimated 73% of corn acres were planted across the U.S. as of May 18th, a 14% increase from the prior week.
  • Soybean planting lost some ground on the five-year average due to wet and cold weather in the major growing regions.
  • Winter wheat conditions were slightly changed from the past week.

Last week's accelerated planting progress for corn acres was not duplicated as wet and cold weather kept farmers on the sideline.

The USDA estimated 73% of corn acres were planted across the U.S. as of May 18th, a 14% increase from the prior week. Cold and wet weather prevented farmers from repeating the prior week's progress of 30%. Overall corn planting progress is only 3% behind the five-year average. Michigan, Minnesota, North Dakota and Wisconsin are all 20% or more behind their five-year average due to colder temperatures and above average rainfall. Corn emergence was reported at 34%, the five-year average is 42%.

Soybean planting lost some ground on the five-year average due to wet and cold weather in the major growing regions. Soybean planting was reported at 33%, 5% behind the five-year average. Michigan, Minnesota, North Dakota and Wisconsin are well behind in planting progress due to the continued wet and cold temperatures in the northern states. 9% of soybeans were reported emerged, 2% behind the five-year average.

Winter wheat conditions were slightly changed from the past week. The USDA reported that 21% of the wheat was in "very poor" condition, compared to 20% last week. Wheat rated excellent decreased 1%, wheat rated poor decreased 2%, and wheat rated "good" increased 2%. Wheat rated fair was unchanged. 57% of the wheat was headed, only 1% behind the five-year average.

July futures for corn closed the week at $4.77 per bushel, a 4.4% decline from last week. July soybeans ended the week at $14.83, a 1.2% increase from last week, and July wheat ended the week at $6.75, a 5.6% decrease from last week. Year to year corn prices are down 26.5%, soybeans are up 1.3%, and wheat is down 1.5%.

Source: Crop Progress Report: Corn Planting Near 5-Year Average