Planting almost done

News
May 4, 2012
by DTN

Fifty-three percent of the nation’s corn crop was planted as of April 29, according to USDA’s latest weekly Crop Progress report. That is nearly twice the speed of planting during an average year.

“This was, reportedly, 10 percentage points above pre-report expectations,” said DTN Analyst John Sanow. “The most impressive showing to note is Illinois and Indiana at 79 percent and 70 percent, respectively, as compared to the five-year average of 29 percent and 20 percent. And with emergence of 15 percent running 9 percentage points above average, this report should be considered bearish.”

Winter wheat heading is also moving along at more than double the average pace. For this week, 54 percent of the crop is headed compared to 29 percent last year and a 24 percent average. “Winter wheat conditions reportedly improved slightly from last week’s 63 percent to 64 percent good-to-excellent, remaining well above last year’s 34 percent. With the wheat crop on track for a bumper harvest, this report should be considered bearish.”

Soybean planting was reported at 12 percent complete, compared to 2 percent last year and a 5 percent average. This was slightly below pre-report estimates of 13 percent, Sanow said. “This report should be considered slightly bearish, although traders are likely to keep most of their attention glued on shrinking global supplies.”

Spring wheat planting is at 74 percent, compared to 9 percent last year and a 32 percent average. Spring wheat emergence is 30 percent, compared to 3 percent last year and an 8 percent average. “Both Minnesota and South Dakota are over 90 percent reportedly seeded,” Sanow said. “This report could be considered bearish.” — DTN

{rating_box}