May 7, 2008

  

US corn planting still lagging behind schedule

 

 

The USDA said Monday (May 5, 2008) that US corn plantings continue at a slower-than-average pace, and top corn-producing states Illinois and Iowa still lag far behind their normal averages.

 

Plantings of US spring wheat increased slightly above analysts' expectations, while the winter wheat crop improved slightly.

 

 

Corn

 

Corn planting was 27 percent complete as of Sunday, up from 10 percent last week but below the average of 59 percent, according to the USDA. Traders had expected plantings to be 20 percent to 35 percent complete.

 

Eighteen percent of the crop has been planted in Iowa, compared to the 42 percent seeded last year and the average of 64 percent, the USDA said. Planting in Indiana is 36 percent complete, in line with the 34 percent planted last year but below the average of 53 percent.

 

In Illinois, 28 percent of the crop was planted, compared to 62 percent last year and the average of 76 percent. In Missouri, 23 percent of the crop was planted, down from 54 percent last year and the average of 76 percent, the USDA said.

 

Four percent of the crop had emerged, compared to 12 percent last year and a five-year average of 17 percent.

 

"We're behind the eight ball as far as planting is concerned," said Joel Karlin, an analyst with Western Milling.

 

 

Soy

 

Soy planting was 5 percent complete as of Sunday, below the average of 14 percent, according to the USDA. Analysts' expectations were for 7 percent to 9 percent complete.

 

No soy plantings were reported across the key growing states of Illinois, Iowa, Indiana, Minnesota and Ohio.

 

 

Winter Wheat

 

The USDA said 47 percent of the winter wheat crop was rated good to excellent, up from 46 percent last week but down from 57 percent a year ago. Traders had expected the good-to-excellent rating to improve by 1 to 2 percentage points from a week ago.

 

Durchholz said that as with the other crops' progress reports, there was little in the winter wheat progress that was likely to move the market.

 

Overall, the crop was 26 percent headed as of Sunday, down from 33 percent last year and the average of 38 percent.

 

 

Spring Wheat 
 

Spring wheat planting was 58 percent complete, the same as at this time last year and compared to 34 percent last week. The five-year average is 62 percent.

 

"The production is going to be reasonably good and we could have larger supplies in the next year," Durchholz said.

 

Eleven percent of the crop has emerged compared to 17 percent last year and the five-year average of 25 percent.