Crop Progress: Corn and Spring Wheat Planting off to a Fast Start
Apr 02, 2012
This afternoon, the USDA released its first weekly crop progress report of the 2012 planting season. Although a small amount of data was released, it highlighted how warm weather motivated farmers to plant earlier than normal.
As of April 1st, 2012, the 18 primary corn producing states have planted 3.0% of their corn, compared to 2.0% a year prior. 9 of the states (Illinois, Indiana, Kentucky, Michigan, Missouri, Nebraska, North Carolina, Ohio, Tennessee) have planted more than their 5-year average. Illinois has already planted 5.0% of its corn, which is a 5.0% increase from its historical average from 2007-2011. Warm weather has defrosted fields, prompting farmers to get in fields and plant corn at a historically early time.
Similar to corn, spring wheat has been planted earlier this year compared to historical averages. As of April 1st, 2012, the 6 primary spring wheat producing states have planted 8.0% of their spring wheat, compared to 1.0% on April 1st of 2011. South Dakota, which on average the past 5 years planted 2.0% of their wheat by this time, have planted 25.0% of their spring wheat thus far.
Winter wheat conditions have outperformed last year's conditions immensely. 58.0% of the winter wheat crop is in good or excellent condition, a 21.0% increase from last year. Winter wheat in very poor or poor condition is at 12.0%, a 20.0% decrease from one year prior.
Corn prices increased by 2.8% over the past week ending at $6.55 per bushel. Wheat prices decreased by 0.3% over the past week ending at $6.57 per bushel. Year-over-year corn prices are down 11.0% and wheat is down 13.4%.