About 73 percent of the U.S. corn crop was planted and 26 percent had emerged by May 18, lagging behind market expectations as well as year ago plantings of 88 percent and year ago emergence of 59 percent, according to USDA statistics.Market analysts were expecting Monday's Crop Progress report to show about 80 percent of the crop planted and about 34 percent emerged by now.
University of Illinois Extension Economist Darrel Good called this week's report "a mixed bag," noting far more progress was made in Western Corn Belt states such as Minnesota and Iowa than in Eastern Corn Belt states like Ohio and Indiana. He also noted that emergence is lagging even more than plantings, due to continued cool weather.
That said, Good told Meatingplace.com trend yields are still possible. "They could still make up some time," with favorable growing conditions in June, July and August.
Soybeans-USDA said 27 percent of the U.S. soybean crop was planted by May 18, compared with 52 percent this time last year and a five-year average of 47 percent by now. Good noted, however, that the timing on soybean plantings is less critical, so lagging progress to date is of little concern at this point.
Crop progress is being closely watched this year as ethanol consumption and strong global feedgrain demand have made commodities markets susceptible to any indication of declining crop yields or total planted acreage.
By Janie Gabbett on 5/20/2008 for Meatingplace.com
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