Corn Planting Comes To A Close

Corn planting in 2015 has come to an end, even despite the wet and cold weather over the past week. Corn crop conditions were reported slightly worse than last year, as weather in late May was less than ideal for proper growth. Soybean planting was similar to corn, as wet weather forced some farmers to plant their crop in poor soil conditions. Winter and spring wheat conditions were reported better than last year’s crop at this time.

The USDA estimated 95% of corn acres were planted across the U.S. as of May 30th, a 3% increase from the prior week and even with the five-year average. Of the five largest corn producing states in the U.S., Illinois reported the highest level of completion at 100%, followed by Minnesota at 99%, and Iowa at 97%. This is the last week corn planting will be reported.

Corn emergence was reported at 84%, a 10% increase from last week and 5% ahead the five-year average. Of the five largest corn producing states, Minnesota has reported the most emerged corn, at 95%, followed by Illinois at 94%, and Iowa at 90%. Despite cold and wet weather, which created less than ideal growing conditions, farmers reported good emergence.

The USDA estimated the corn crop condition at 74% as “Excellent” or “Good,” unchanged from last week, but a 2% decrease from last year. 23% of the crop was reported as “Fair,” unchanged from last week, but a 1% increase from last year, while only 3% was rated as “Poor” with none being rated “Very Poor.”

The soybeans crop was reported 71% planted, a 10% increase from last week, and 1% ahead of the five-year average. Of the five largest soybean producing states, Minnesota has reported the highest level of completion at 94%, followed by Illinois at 82%, and Indiana at 80%. The soybean planting window is closing quickly and farmers with a significant amount of acres left have reported planting their crop in poor soil conditions as they race against time.

Soybean emergence was reported at 49%, a 17% increase from last week and 4% ahead of the five-year average. Of the five largest soybean producing states, Minnesota reported the most emergence at 74%, followed Illinois and Iowa at 62% and 53% respectively.

The winter wheat crop was reported 84% headed, a 7% increase from last week and 7% ahead of the five-year average. The USDA estimated winter wheat conditions at 44% “Excellent” or “Good,” a 1% decrease from last week, but a 14% increase from last year. 36% was rated “Fair,” unchanged from last week. 20% was rated “Poor” or “Very Poor,” a 1% increase from last week, but a 24% decrease from last year.

Spring wheat emergence was reported 91% emerged, an 11% increase from last week and a 22% increase from the five-year average. Spring wheat conditions were reported for the first time this week. 69% was rated “Excellent” or “Good.” 27% was rated “Fair,” and 4% was rated “Poor” or “Very Poor.”

July futures for corn closed the week at $3.52 per bushel, a 0.8% decrease from last week. July soybeans ended the week at $9.26, a 0.4% increase from last week, and July wheat ended the week at $4.93, unchanged from last week. Year-to-year corn prices are down 24.3%, soybeans are down 38.3%, and wheat is down 20.5%.

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