May 2, 2006

 

US corn, soy plantings above average

 

 

US farmers are planting corn and soybean crops at an above average pace, the USDA said Monday (May 1).

 

US winter wheat conditions, were down from last week's ratings, surprising wheat traders who thought that rains in the US Plains last week would have stabilised or improved wheat crop ratings.

 

Meanwhile US spring wheat plantings were back on par with the average pace of plantings, analysts said.

 

The USDA on Monday reported the US corn crop was 52 percent planted as of Sunday, ahead of last year's 49 percent sown, and ahead of the five-year average pace of 42 percent seeded.

 

"Once again the report shows the farmers' amazing ability to plant quickly, with seedings up 27 percent from last week and up from last year's record pace," said Shawn McCambridge, senior grains analyst with Prudential Financial in Chicago.

 

The planting and emergence is off to a good start, and the only concerns revolve around when farmers will be able to get back to the fields because of rains expected in the Midwest this week, McCambridge added.

 

The USDA reported 10 percent of the US soybean crop planted as of Sunday. The pace of seedings is ahead of last year's 8 percent and the five-year average of 7 percent.

 

The data came in as expected or a little ahead of schedule, but at this point in the season it's not a market factor, said Jason Roose, analyst with US Commodities in West Des Moines, Iowa.

 

The US winter wheat crop was 36 percent in good-to-excellent condition as of Sunday, down from last week's rating of 39 percent, according to Monday's USDA data.

 

The USDA said that 38 percent of the US winter wheat crop was in very poor to poor condition, compared with 34 percent last week.

 

The crop was 39 percent headed up from last year's 27 percent and the average pace of 26 percent.

 

The US plains will get a lot of attention from the industry this week, with the winter wheat crop tour moving through the region.

 

The USDA reported Monday that 42 percent of the US spring wheat crop had been planted, well behind last year's 58 percent, but in line with expectations and the five-year average of 43 percent.

 

"Spring wheat plantings were back on track last week, but the market will have to watch the weather to see if rains across the central US will hinder plantings and emergence from moving ahead in the near term," said McCambridge.