Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Planting Moving Along Slowly
May 06, 2013
Planting delays continue throughout the Corn Belt but improved weather over the next week is giving hope to a drenched region. If wet weather persists, there is cause for alarm as yields start to drop considerably as corn is planted after April.
As of May 5, 2013 only 12% of the U.S. corn crop has been planted. Farmers are concerned as the five year average at this point of the year is 47% planted. Corn that has emerged is at 3%, down 12% from the five year average. Heavy rains over the past weekend will keep farmers at bay through the middle of the week. Soybeans planted as of May 5, 2013 is at 2%, behind the five year average of 12%.
Winter wheat conditions worsened as 39% of the crop is in poor or very poor condition compared to only 12% at the same time last year. Winter wheat in good or excellent condition is 32%, compared to 63% last year. Last year at this time 64% of winter wheat had headed, but only 20% has headed this year. As of May 5, 2013 23% of the spring wheat has been planted, lagging the five year average of 50%.
Corn prices decreased by 0.9% over the past week ending at $6.78 per bushel, soybean prices decreased by 1.8% over the past week ending at $14.44 per bushel, and wheat prices ended the week at $6.93 per bushel, a 2.3% decrease from last week. Year-over-year corn prices are up 2.0%, soybeans are down 1.3%, and wheat is up 14.4%.