The corn “spot price” rose sharply in May as successive USDA crop progress reports showed corn plantings falling behind multi-year averages. Amid the weather and planting uncertainties, some analysts are suggesting that the 2019 corn crop could be the smallest since the drought year of 2012.
USDA is reporting that only 4% of corn acres and 15% of soybeans are still to be planted as of June 23, 2019. Farmers managed to get another 4% of their corn in the ground in the past week, taking the total percentage of acres planted to 96% (vs. 92% the previous week).
As of June 16, 92% of U.S. corn was in the ground and 77% of soybeans had been planted. Both remain far behind the normal pace of planting and a high level of uncertainty remains about how much corn will actually get planting at this late date.
U.S. farmers planted 16% of their corn acres, while an additional 21% of soybeans were sown last week, an improvement over recent reports, according to the USDA’s latest Crop Progress report.
Only two-thirds of the U.S. corn crop was in the ground and less than 40% of soybeans had been planted as of June 2. Much of the crop that has been planted is looking ragged.
This spring has been called the wettest on record in the Corn Belt and other major growing regions of the U.S. and the pace of planting would seem to verify this claim. As of Sunday, May 26, corn planting in the U.S. is 32 days behind the 5 year average and soybeans are 37 days behind the 5 year average.
U.S. Secretary of Agriculture Sonny Perdue today announced that the U.S. Department of Agriculture (USDA) will take several actions to assist farmers in response to trade damage from unjustified retaliation and trade disruption.
With improved weather in much of the Corn Belt this week farmers should make some significant progress in getting their corn and soybeans in the ground. They will need it because, as of this past Sunday, May 12, planting lagged far behind what one might expect at this point in the season.
According to USDA, 23% of corn acres had been planted as of May 5. This is 8% better than a week earlier. While that may be considered progress, it remains well behind the 36% planted a year ago on this date.
In this episode of On the Record, brought to you by Associated Equipment Distributors, we take an initial look at the Dealer Business Outlook & Trends Report and what dealers are forecasting for 2025.
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