US corn planting tops 5-year average
WASHINGTON — Corn planting in the 18 major US states for the week ended May 11 surpassed the 2009-13 average for that date, the US Department of Agriculture (USDA) said in its latest Crop Progress report.
The corn crop was 59 percent planted as of May 11, up 30 percentage points from a week ago, up 33 points from a year ago and 1 point ahead of the five-year average, the USDA said. The crop was 18 percent emerged, ahead of only 5 percent last year but below the 25 percent five-year average.
Corn futures fell on the news that planting has caught up to historical levels for the date. Prices had remained firm, exceeding $5 a bushel for the July contract, on continuing fears of planting delays as a result of the cool, wet spring that was limiting farmers’ abilities to do fieldwork. Reassurance of planting progress moved futures prices below the key $5-a-bushel level in most contracts.