Planting Is Back To Normal As Farmers Take Advantage Of Great Weather

Phenomenal weather last week allowed farmers to catch up on planting. Farmers were beginning to become extremely concerned that this year’s corn acres would be changed to soybeans due to unrelenting weather.

The USDA estimated 88% of corn acres were planted across the U.S. as of May 25th, a 15% increase from the prior week. The progress is even with the five-year average for the first time this year. Farmers in the northern Corn Belt were finally given warm and dry weather. Farmers in Michigan, Minnesota, North Dakota, and Wisconsin made up significant ground after wet and cold weather had delayed their planting season. North Dakota farmers were able to plant 50% of the statewide acres in one week to significantly close the gap on the five-year average. Corn emergence was reported at 60%, a 26% increase from last week and only 4% behind the five-year average.

Soybean planting also took advantage of the nice weather reported last week. Soybean planting was reported at 59%, a 26% increase from last week and 3% ahead of the five-year average. Northern states again took the most advantage of the nice weather, Minnesota lead all states increasing areas planted by 33% from last week. 25% of soybeans were reported emerged, a 16% increase from the prior week and 2% behind the five-year average.

Winter wheat conditions were slightly changed from the past week. The USDA reported that 23% of the wheat was in “very poor” condition, compared to 22% last week. Wheat rated excellent did not change, wheat rated poor decreased 3%, and wheat rated “good” increased 2%. Wheat rated fair was unchanged. 70% of the wheat was headed, 1% ahead of the five-year average.

July futures for corn closed the week at $4.70 per bushel, a 1.5% decline from last week. July soybeans ended the week at $14.89, a 0.3% increase from last week, and July wheat ended the week at $6.41, a 4.9% decrease from last week. Year to year corn prices are down 29.4%, soybeans are down 1.3%, and wheat is down 7.5%.