June 15, 2010
US soy plantings almost 91% done
US soy plantings remain on-pace until completion, while US corn crop is nearly done with most in excellent condition, according to the USDA.
In its weekly Crop Progress Report, the USDA estimates 98% of the US corn crop as emerged, up from 94% a year ago and a 97% five-year average. USDA rated the corn crop as 77% good/excellent, 18% fair, and 5% very poor.
Jason Ward, Northstar Commodity Investment Co., says the report could prove negative for the corn market. "I view this report as friendly to beans and bearish to corn. Planting progress for beans is in line with expectations at 91% planted. Trade estimate was 89-92%. Conditions with corn up 1% is slightly bearish as trade estimates were for steady ratings," says Ward.
The biggest surprises in corn ratings are the 5% drop in Ohio and a 4% drop in Nebraska. "I'm surprised to see South Dakota up 4% with Nebraska down 4%, since they are so close in proximity. Overall, corn ratings are very highly rated at 76% good/excellent with Minnesota blowing the doors off at 94%, wow," he says.
For soy, 91% of the crop has been planted versus 84% a week ago and a 90% five-year average. The trade expected between 8-10% of the crop remained unplanted. Also, the USDA rated the soy crop as 73% good/excellent, 22% fair, and 5% very poor. The crop is 80% emerged, sharply above a 66% week ago average, and slightly higher than a 79% five-year average.
For soy planting, states such as Indiana, Kansas, Ohio, and Missouri are the furthest behind. As of Sunday (June 13), Missouri recorded the slowest planting pace of 71%.
For wheat, the USDA rated the spring crop as 86% good/excellent, 13% fair, and 1% very poor. Also, the spring crop is 97% emerged compared with 92% year ago and a 98% five-year average.