Crop Progress: Weather Slows Corn Planting In Late May

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

Planting progress in the top 18 corn producing states progressed by a leisurely 5% as wet weather continued to prevent farmers from finishing the planting of the 2013 corn crop. If further delays continue, soybeans and preventative planting will take the place of corn acres.

As of June 2, 2013 91% of the U.S. corn crop has been planted. Corn that has emerged was at 74%, down 8% from the five year average and down 22% from the previous year. Corn conditions were 7% of the crop in poor or very poor conditions, compared to 5% last year. And corn in good or excellent conditions was 63%, compared to 72% last year.

Soybeans planted were at 57%, behind the five year average of 74%. Last year at this time, 76% of soybeans had emerged, but only 31% have emerged as of June 2, 2013.

Winter wheat conditions were 43% of the crop in poor or very poor condition compared to only 18% at the same time last year. Winter wheat in good or excellent condition was 32%, compared to 52% last year. Last year at this time, 88% of winter wheat had headed, but only 73% has headed this year.

As of June 2, 2013 80% of the spring wheat has been planted, lagging the 100% planted last year. Of the spring wheat crop, 61% has emerged compared to the five year average of 80%.

The July corn contract decreased 1.6% over the past week ending at $6.55 per bushel, soybean prices increased by 1.5% over the past week ending at $15.32 per bushel, and wheat prices ended the week at $7.08 per bushel, a 2.2% increase from last week. Year to year corn prices are up 18.9%, soybeans are up 14% and wheat is up 15.7%.

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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