Crop Progress: 86% Of Corn Acres Planted

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

Planting progress in the top 18 corn producing states progressed by 15% this past week and is only 4% behind the five year average. Farmers have been working tirelessly to plant the 2013 crop after heavy rains had prevented them from getting into fields for most of April and May.

As of May 26, 2013 86% of the U.S. corn crop has been planted. Corn that has emerged was at 54%, down 13% from the five year average and down 35% from the previous year.

Soybeans planted were at 44%, behind the five year average of 61%. Last year at this time, 57% of soybeans had emerged, but only 14% have emerged as of May 26, 2013.

Winter wheat conditions were 42% of the crop in poor or very poor condition compared to only 17% at the same time last year. Winter wheat in good or excellent condition was 31%, compared to 54% last year. Last year at this time, 85% of winter wheat had headed, but only 60% has headed this year.

As of May 26, 2013 79% of the spring wheat has been planted, lagging the five year average of 86%. Of the spring wheat crop, 42% has emerged compared to the five year average of 66%.

The July corn contract increased by 2.6% over the past week ending at $6.66 per bushel, soybean prices increased by 3.1% over the past week ending at $15.09 per bushel, and wheat prices ended the week at $6.93 per bushel, a 1.2% increase from last week. Year to year corn prices are up 18.5%, soybeans are up 8.9% and wheat is up 5.6%.

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.

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