Crop Progress: Majority of U.S. Corn in the Ground
May 07, 2012
This afternoon, the USDA released its weekly crop progress report indicating almost three-fourths of the U.S. corn crop has been planted.
As of May 7, 2012, the 18 primary corn producing states have planted 71% of the U.S. corn crop, compared to 32% one year prior. 17 of the 18 states have planted more than their five-year historical average. A total of 32% of the U.S. corn crop has already emerged compared to 6% from a year ago.
As of the first week of May, 24% of U.S. soybeans have been planted, a 18% increase from a year ago, and a 13% increase from its five-year average.
The six primary spring wheat producing states have planted 84% of their crop, compared to the five-year average of only 49%, due to the favorable planting conditions.
Winter wheat continues to outperform 2011's conditions with 63% of the winter wheat crop in good or excellent condition; a 30% increase from last year. Winter wheat in very poor or poor condition is at 12%; a 30% decrease from one year prior.
Corn prices increased by 0.8% over the past week ending at $6.65 per bushel, soybean prices decreased by 2.7% over the past week ending at $14.63 per bushel, and wheat prices ended the week at $6.06 per bushel, a 6.3% decrease from last week. Year-over-year corn prices are down 2.5%, soybeans are up 10.4%, and wheat is down 16.3%.
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