Last week the U.S. experienced severe weather in the Midwest, but that did little to slow farmers' planting progress. Corn, soybean, and spring wheat planting progress all increased their lead on their respective five-year averages. Some areas reported severe wind and even hail, but it is so early in the season, the chances of crop loss are minimal and there is still ample time to replant if need be. Farmers now look forward to the May USDA World Agricultural Supply and Demand Estimates released tomorrow, which is the first measurement of the USDA’s expectations for the coming crop year.
The USDA estimated 75% of corn acres were planted across the U.S. as of May 10th, a 20% increase from the prior week and 18% more than the fiver-year average. Of the five largest corn producing states in the U.S., Minnesota reported the highest level of completion at 95%, followed by Illinois at 88%, and Iowa at 83%. Indiana showed the greatest improvement from last week, increasing by 31%, but remains the furthest from completion at 52%.
Corn emergence was reported 29% emerged, a 20% increase from last week and 5% ahead the five-year average. Of the five largest corn producing states, Illinois has reported the most emerged corn, at 42%, followed by Minnesota at 39%, and Nebraska at 30%. The wet weather over the past week was a contributing factor to the large increase in emergence this week. Before all of the rain last week, farmers across the Corn Belt expressed how dry their fields were.
The soybeans crop was reported 31% planted, an 18% increase from last week, and 11% ahead of the five-year average. Of the five largest soybean producing states, Minnesota has reported the highest level of completion at 70%, a 53% increase from the five-year average.
The winter wheat crop was reported 56% headed, a 13% increase from last week and 11%% ahead of the five-year average. The USDA estimated winter wheat conditions at 44% “Excellent” or “Good”, a 1% increase from last week and a 14% increase from last year. 36% was rated fair, a 1% decrease from last week. 20% was rated “Poor” or “Very Poor”, unchanged from last week, but an 22% decrease from last year.
The Kansas Wheat Tour ended last week and crop scouts had high praise for the 2014/2015 winter wheat. Areas that have reported severe drought conditions received rains over the past three weeks, easing drought concerns in those areas.
The spring wheat crop was reported 87% planted, a 12% increase from last week and a 36% increase from the five-year average. Spring wheat emergence was reported 54% emerged, a 24% increase from last week and a 29% increase from the five-year average.
July futures for corn closed the week at $3.60 per bushel, a 0.3% decrease from last week. July soybeans ended the week at $9.74, a 0.2% decrease from last week, and July wheat ended the week at $4.80, a 1.9% increase from last week. Year-to-year corn prices are down 28.4%, soybeans are down 33.8%, and wheat is down 33.3%.