(Investing.com) – Cold wet weather delayed some farmers from taking even more advantage of what has been a dry spring this year. Strong progress was still made in the Corn Belt with Minnesota and Illinois leading the way. Soybean planting was reported for the first time this week. The majority of the progress is being reported from southern growing areas. Winter wheat conditions remain well above last year’s reports.
The USDA estimated 19% of corn acres were planted across the U.S. as of April 26th, a 10% increase from the prior week, but 6% less than the fiver-year average. Of the five largest corn producing states in the U.S., Minnesota reported the highest level of completion at 38%, followed by Illinois at 31%. Indiana was the lowest of the five states, reporting only 3% of acres planted. Cold wet weather in some areas of the Corn Belt delayed planting, but other areas received little to no rain last week aiding in their continued progress. An operator in north central Iowa said, “We expect to be all done with corn planting by Sunday.”
Corn emergence was reported by the USDA today for the first time this year. The corn crop reported 2% emergence, 1% behind this time last year and 4% behind the five-year average. The earlier start for corn planting this year would suggest above average emergence, but much of the planting was followed by cold dry weather which slows the plants emergence.
The soybeans crop was reported 2% planted, 1% behind this time last year and 2% behind the five-year average. The vast majority of the soybean planting done so far this year has occurred in southern growing areas. Of the five largest soybean producing states Minnesota is the only one to report any progress, with 1% completed.
The winter wheat crop was reported 28% headed, a 12% increase from last week and 4% ahead of the five-year average. The USDA estimated winter wheat conditions at 42% “Excellent” or “Good”, unchanged from last week, but an 9% increase from last year. 38% was rated fair, a 1% decrease from last week, but a 5% increase from last year. 20% was rated “Poor” or “Very Poor”, a 1% increase from last week, but a 14% decrease from last year.
The spring wheat crop was reported 55% planted, a 19% increase from last week and a 36% increase from the five-year average. Spring wheat emergence was reported for this first time this week at 9%, a 5% increase from this time last year and even with the five-year average.
May futures for corn closed the week at $3.60 per bushel, a 4.8% decrease from last week. May soybeans ended the week at $9.73, a 0.4% decrease from last week, and May wheat ended the week at $4.70, a 5.6% decrease from last week. Year-to-year corn prices are down 29.0%, soybeans are down 35.5%, and wheat is down 32.9%
