Traders indicated they expect this afternoon’s USDA Crop Progress report to show corn planting at 89 percent to 94 percent completed as of June 2, compared with 100 percent at this time last year and 97 percentas the 2008-12 average for the date. Expectations for soybean planting ranged from 55 percent to 60 percent compared with 93 percent a year ago and 79 percent as the recent five-year average for the date.
Corn futures were trading about 4-6 cents a bushel higher and soybeans about 25 cents a bushel higher in overnight electronic activity at the CME Group in Chicago.
One trade report said the last “prevent plant” date for corn was June 5 in Illinois, Indiana, Michigan and Missouri while that date had passed in other major Corn Belt states. Others have suggested planting may go as late as June 15 if shorter-maturity corn was planted.
Trade reports also indicated some market analysts forecast from 1 million to 3 million acres of expected corn area may not be planted due to the wet weather. The USDA earlier in the year said farmers intended to plant 97.3 million acres of corn.
There also are concerns about planting soybeans. Although soybeans are planted after corn, continued delays may have a negative impact on soybean yields, some analysts have indicated.
Meteorologists forecast only limited planting opportunities this week as soils were drying out, and many local areas are recovering from floods.