Corn planting closed its final week of reporting ahead of the five-year average. Northern Corn Belt states continue trying to plant corn, but more reports are suggesting that many farmers are changing unplanted corn acres to shorter maturing soybeans.
The USDA estimated 95% of corn acres were planted across the U.S. as of June 1st, a 7% increase from the prior week and 1% greater than the five-year average. This is the first time this year that planting progress has exceeded the five-year average. Good weather throughout all of last week allowed farmers to continue to chip away at the remaining corn acres left to plant this season. Laggard northern Corn Belt states were able to make up the most ground as Michigan, North Dakota, and Ohio planted the most ground this past week, increasing 28%, 19%, and 19% respectively. Corn emergence was reported at 60%, a 20% increase from last week and even with the five-year average. Corn conditions were reported for the first time this week. 63% of the corn was reported in "Good" or "Excellent" condition, with only 7% reported to be in "Poor" or "Very Poor" condition.
Soybean planting also took advantage of the nice weather reported last week. Soybean planting was reported at 78%, a 19% increase from last week and 8% greater than the five-year average. With many farmers having finished their corn planting for the year, most have switched their focus to their soybean crop. Farmers in Michigan, North Dakota, and Ohio were the most productive, each increasing their progress by 32% this past week. Soybean emergence was reported at 50%, a 25% increase from the prior week and 5% greater than the five-year average.
Winter wheat conditions were slightly changed from the past week. The USDA reported that wheat rated "Excellent" increased 1%, and wheat rated "Good" decreased 1%. The conditions report continues to be on par with the previous year, but farmers continue to be concerned that the harsh winter will greatly impact yields this year. Wheat headed was reported at 79%, a 9% increase from the past week and 1% greater than the five-year average. 70% of the wheat was headed, 1% ahead of the five-year average.
Corn prices closed today at $4.65, soybeans closed at $14.98, and wheat closed at $6.20. Year-to-year corn prices are down 29.1%, soybeans are down 2.2%, and wheat is down 12.6%.
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.