Farmers took full advantage of the dry weather in April to get a strong start on planting, especially in the Upper Midwest. Corn Belt states reported better progress than last year, but most remain behind their five-year averages. Winter wheat is developing well as 42% of the crop is rated “Excellent” or “Good,” an 8% increase from last year at this time.
The USDA estimated 9% of corn acres were planted across the U.S. as of April 19th, a 7% increase from the prior week, but 4% less than the fiver-year average. Of the five largest corn producing states in the U.S., Illinois reported the highest level of completion at 15%, followed by Minnesota at 12%. Indiana was the lowest of the five states, reporting only 1% of acres planted. Below average precipitation this spring has allowed operators to get into their fields much earlier than the past two years. The shortened post-harvest period in 2014 left farmers with more field work to do in the spring, making up for time lost late last fall.
The winter wheat crop was reported 16% headed, an 8% increase from last week and 1% ahead of the five-year average. The USDA estimated winter wheat conditions at 42% “Excellent” or “Good”, unchanged from last week, but an 8% increase from last year. 39% was rated fair, unchanged from last week, but a 6% increase from last year. 19% was rated “Poor” or “Very Poor”, unchanged from last week, but a 13% decrease from last year.
May futures for corn closed the week at $3.70 per bushel, a 2.2% increase from last week. July soybeans ended the week at $9.77, a 3.1% increase from last week, and July wheat ended the week at $4.98, a 0.8% decrease from last week. Year-to-year corn prices are down 23.5%, soybeans are down 35.5%, and wheat is down 27.9%.