Traders indicated they expect this afternoon’s USDA Crop Progress report to show corn planting around 95 percent completed as of June 9, compared with 100 percent at this time last year. Expectations for soybean planting ranged from 70 percent to 75 percent compared with 57 percent a week earlier, 97 percent a year ago and 87 percent as the recent five-year average for the date.
Last week’s initial corn condition ratings were 63 percent good to excellent (72 percent a year earlier), 30 percent fair (23 percent) and 7 percent poor to very poor (5 percent).
Corn futures were trading about 8-10 cents a bushel lower and soybeans about 10-18 cents a bushel lower through the January 2014 contract at around 7:30 a.m. Central Time June 10. Corn futures prices were down about 1-9 cents a bushel last week, with the exception of nearby July, which was up 4¼ cents a bushel due to tight old-crop supplies. Soybean futures prices last week advanced about 18-27 cents a bushel on concerns delayed planting may result in lower soybean yields.
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, but some market participants have said 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.
Meteorologists indicate improved drying conditions in much of the Midwest this week and much warmer temperatures, which will be especially good for already-planted crops. Some rainfall over the past weekend will continue to delay planting, though.