Farmers scramble to plant corn, soybeans
Foul weather retuned over the weekend across much of the Corn Belt, forcing farmers to scramble in an effort to catch-up after delays caused by an already cold and wet spring.
The USDA’s latest Crop Progress report, released on Tuesday, showed that 86 percent of corn and 44 percent of soybeans have now been planted.
Corn: 81 percent complete, 54 percent emerged
Corn planting progress was able to gain some momentum this week, jumping by 15 percent points. It still puts this year’s crop behind the five-year average of 90 percent. Thirteen of the top 18 corn-producing states are within 15 percentage points of being done.
Just over half of the corn – 54 percent – is emerged, compared to 19 percent last week. All states have reported significant advances in emerged corn. Most notably is Illinois and Colorado, where the percentages of emerged corn jumped by 52 and 43 points respectively.
Soybeans: 44 percent complete, 14 percent emerged
Much of the focus is now on soybean planting. Forty-four percent of the soybeans are now planted, compared to 24 percent last week. Despite gains, the progress is still among the slowest in the last 17 years. Fourteen percent of crop has now emerged.
In a recent report, Darrel Good with the University of Illinois looked at the growing concerns surrounding soybean planting.
“Until recently, there was little concern about the timeliness of soybean planting. However, the same weather that will delay the completion of corn planting may also result in more than the average amount of late planting for soybeans,” Good wrote.
Reuters reports that Chicago Board of Trade corn and soybean futures rallied on Tuesday as wet weather threatens to trim crop acreage and yields. Soy futures leapt by more than 2 percent, the most in two weeks.
"There was more rain than expected and more is coming this week. There is concern we'll lose more corn acres than previously thought and now it's delaying soybean plantings too," said Art Liming, a futures strategist for Citigroup.