May 20, 2008

US soy planting reaches 27 percent, up from 11 percent a week ago

The USDA said 27 percent of the soybean crop was planted, up from 11 percent last week and down from the average of 47 percent.

Traders had expected 25 percent to 35 percent of the crop to be planted.

The two top soy-producing states are behind in average planting progress. Illinois continued to lag as 15 percent of the crop was planted, compared to the average of 53 percent. In Iowa, 34 percent of the crop was planted, up from 4 percent the previous week and down from the average of 53 percent.

Below-average planting of soy is not a cause for concern, said John Kleist, analyst/broker for Allendale

"The planting date is not as crucial for final yields as it is for corn," he said. Optimal time remains for farmers to plant soy.