Corn planting inched toward the finish line as farmers continued to be delayed by persistent rainfall last week. Soybean planting progress has also seen its large lead on the five-year planting average dwindle due to rain. Winter wheat conditions were estimated well above levels reported last year, and spring wheat planting is nearly complete.
The USDA estimated 85% of corn acres were planted across the U.S. as of May 25th, a 7% increase from the prior week and 4% 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 98%, followed by Illinois at 97%, and Iowa at 96%. Farmers with corn acres left to plant this late in the season may consider switching their remaining acres to beans.
Corn emergence was reported at 74%, an 18% increase from last week and 12% ahead the five-year average. Of the five largest corn producing states, Minnesota has reported the most emerged corn, at 88%, followed by Illinois at 87%, and Iowa at 81%.
The USDA estimated the corn crop condition for the first time this week. 74% of the crop was reported as “Excellent” or “Good,” 23% of the crop was reported as “Fair,” while only 3% was rated as “Poor” with none being rated “Very Poor”. The USDA provided no comparison to last year’s report because there were no estimates on corn conditions this time last year.
The soybeans crop was reported 61% planted, a 16% increase from last week, and 6% ahead of the five-year average. Of the five largest soybean producing states, Minnesota has reported the highest level of completion at 88%, followed by Illinois and Iowa reporting 70% and 69% respectively. Soybean planting pace has been slowed by the persistent wet weather.
Soybean emergence was reported at 32%, a 19% increase from last year and 7% ahead of the five-year average. Of the five largest soybean producing states, Minnesota reported the most emergence at 39%, followed Illinois and Iowa at 38% and 32% respectively.
The winter wheat crop was reported 77% headed, a 9% increase from last week and 10% ahead of the five-year average. The USDA estimated winter wheat conditions at 45% “Excellent” or “Good,” unchanged from last week, but a 15% increase from last year. 36% was rated fair, unchanged from last week. 19% was rated “Poor” or “Very Poor,” unchanged from last week, but a 25% decrease from last year.
The spring wheat crop was reported 96% planted, a 2% increase from last week and a 17% increase from the five-year average. Spring wheat emergence was reported 80% emerged, a 13% increase from last week and a 26% increase from the five-year average.
July futures for corn closed the week at $3.55 per bushel, a 3.5% increase from last week. July soybeans ended the week at $9.22, a 3.4% decrease from last week, and July wheat ended the week at $4.93, a 5.4% increase from last week. Year-to-year corn prices are down 24.3%, soybeans are down 38.0%, and wheat is down 23.1%.