May 13, 2008

US soy planting reaches 11 percent, down from 29-percent average

USDA said 11 percent of the soy crop was planted, up from 5 percent last week and down from the average of 29 percent.

Traders had expected 10 percent to 16 percent of the crop to be planted.

In Iowa, 4 percent of the crop was planted, compared to the average of 29 percent. Illinois' crop was 7 percent planted, down from the average of 32 percent, and Indiana's crop was 19 percent planted, down from the average of 35 percent.

It should not be surprising that soy planting is behind average because corn planting is behind average, John Kleist, analyst/broker for Allendale said. They are seeded in many of the same areas.

"By definition, they should be behind," he said about soy. "It's to be expected until the corn gets its act together."

The USDA said 51 percent of the corn crop was seeded as of Sunday, up from 27 percent the previous week but below the five-year average of 77 percent.