US growers plants 34.4% of soy, fastest in years

A US government report Monday (May 10) showed that farmers had completed 34.4% of their soy planting so far this year, the fastest pace in six years, according to analysts.

Corn planting, which has been on a record pace in 2010, was seen at 82.6% complete, according to the average estimate of nine analysts. The corn estimate was slightly below the 2004 record of 84% completed as of May 9.

The forecasts for soy also put planting slightly behind the 2004 pace, when farmers had seeded 35% of the crop.

Traders and analysts were more closely monitoring the soy progress estimate by the USDA. Most market watchers assume the rest of the corn crop will be planted in a timely fashion.

Both corn and soy planting were well ahead of last year's pace, when damp conditions in the field put farmers weeks behind their optimal schedule.

Soy planting was 14% complete in mid-May 2009, compared with the five-year average for 2004-08 of 25%.

A year ago, corn planting was 48% complete. The five year average for the 2004-08 time period for early May was 71%.

Some rain hit key Midwest crop-growing areas last week, but most analysts shrugged it off as seeding conditions have been ideal for most of the spring. Some market watchers even viewed the rain as beneficial as the showers would boost crop development for the large amount of corn that already has been seeded.

Analysts' estimates for soy planting progress as of May 9 ranged from 30-42%. Corn estimates ranged from 78-88% complete.