The 2015 planting onslaught was finally slowed by persistent wet weather this past week. Planting progress for corn, soybeans, and wheat all slowed after gradually increasing their pace the prior two weeks.
The USDA estimated 85% of corn acres were planted across the U.S. as of May 17th, a 10% increase from the prior week and 10% ahead of the five-year average. Of the five largest corn producing states in the U.S., Minnesota reported the highest level of completion at 97%, followed by Illinois at 94%, and Iowa at 92%. Indiana showed the greatest improvement from last week, increasing by 22%, but remains the furthest from completion, with 74% acres planted.
Corn emergence was reported at 56%, a 27% increase from last week and 16% ahead the five-year average. Of the five largest corn producing states, Illinois has reported the most emerged corn, at 75%, followed by Minnesota at 72%, and Iowa at 63%.
The soybeans crop was reported 45% planted, a 14% increase from last week, and 9% ahead of the five-year average. Of the five largest soybean producing states, Minnesota has reported the highest level of completion at 79%, followed by Iowa and Illinois reporting 51% and 47% respectively.
Soybeans emergence was reported for the first time this week. The USDA estimated soybean emergence at 13%, a 6% increase from last year and 1% ahead of the five-year average. Of the five largest soybean producing states, Minnesota reported the most emergence at 21%, followed Illinois and Iowa at 14% and 10% respectively.
The winter wheat crop was reported 68% headed, a 12% increase from last week and 12%% ahead of the five-year average. The USDA estimated winter wheat conditions at 45% “Excellent” or “Good”, a 1% increase from last week and a 16% increase from last year. 36% was rated fair, unchanged from last week. 19% was rated “Poor” or “Very Poor”, a 1% decrease from last week, but a 25% decrease from last year.
The spring wheat crop was reported 94% planted, a 7% increase from last week and a 29% increase from the five-year average. Spring wheat emergence was reported 67% emerged, a 13% increase from last week and a 29% increase from the five-year average.
July futures for corn closed the week at $3.68 per bushel, a 2.2% increase from last week. July soybeans ended the week at $9.54, a 2.1% decrease from last week, and July wheat ended the week at $4.21, an 8.3% increase from last week. Year-to-year corn prices are down 22.9%, soybeans are down 35.8%, and wheat is down 22.7%.