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.