Posted on 05/28/2019 4:14 PM
Just 58% of the U.S. corn crop had been planted as of May 26, an advance of just nine percentage points over the past week and well shy of the 63% planted the market anticipated and 90% for the five-year average. This easily takes out 1995 as the slowest planting pace on record for this point in the season. Based on USDA’s planting intentions projection of 92.792 million acres, there are an astonishing 38.973 million intended corn acres yet to be planted with the calendar flipping to June on Saturday.
Delays are most striking in the eastern Corn Belt, with Illinois 35% planted (95% on average), Indiana at 22% (85%) and Ohio at 22% (78%). But delays are also significant in the western Belt, with Iowa 76% planted (96%), Minnesota at 66% planted (93%), Nebraska at 81% planted (94%) and South Dakota at 25% planted (90%).
Just 32% of the crop has emerged, which compares to 69% for the five-year average.
Soybean planting also falls short of expectations
Soybean planting advanced 10 percentage points over the past week to 29% complete, which was two points shy of what traders surveyed by Reuters anticipated and a dramatic 37 percentage points behind the five-year average.
Illinois has planted 14% of its intended acres (versus 70% on average), with Indiana at 11% (63%), Iowa at 32% (77%), Minnesota 35% (77%), Nebraska at 56% (74%), North Dakota at 46% (65%) and Missouri at 12% (53%).
Emergence also lags at 11%, which was a gain of just 6 points from last week and well behind 35% on average.
Spring wheat planting continues to gain on five-year average pace
Spring wheat planting advanced 14 percentage points over the past year to 84% complete, which is still seven points behind the five-year average for this point in the season. Of particular note, North Dakota has now planted 82% of its crop—just five percentage points behind the five-year average.
Forty-seven percent of the crop has emerged, which is 22 percentage points behind the five-year average.
Next week, USDA will provide its first condition rating of the season for the crop.