April 27, 2010

Rain to slow record pace of US corn planting

 

Rains are expected to slow the pace of US spring corn sowings, after a week when they planted an area bigger than Cuba to make this the quickest ever year for plantings so far.

US growers had half their corn crop in the ground by Sunday (Apr 25), a record for this time of year, after sowing 31% of their crop in a week. While short of the record 34% of the crop planted in one week in 1999, the progress was more rapid than analysts had expected.

 

However, traders are expecting a deceleration in sowings due to thunderstorms expected in the Corn Belt later this week. Many analysts believe the rain will, overall, prove a boon, by rebuilding soil moisture levels.

 

Meanwhile, soy sowings are running generally ahead of average, including in the top two growing states of Illinois and Iowa, although plantings are at an early stage, according to reports.

 

The healthy progress of corn and soy crops is prompting some farmers to reseed areas sown last autumn with soft red winter wheat, which has got off to a poor start. Higher fishmeal prices are supporting the soy meal market, in spite of a looming large soy crop, as some farmers can switch between the two.