USDA is typically done reporting corn planting progress by late June, but this spring’s set of unusually wet circumstances has the agency still reporting those numbers for the week ending June 23. Other highlights of this week’s report include soybean planting progress, corn and soybean crop quality, and winter wheat harvest progress.
“Weather continues to take a toll on U.S. crops according to today’s progress update from USDA,” says Farm Futures senior grain market analyst Bryce Knorr. “How much of a toll is still anybody’s guess at this point.”
Corn planting progress is now at 96%, up from 92% a week ago. More states crossed the proverbial finish line, with Indiana (91%), Michigan (91%) and Ohio (80%) still the farthest behind so far. Among the top 18 production states, 89% of the crop is emerged, versus 100% last year and a five-year average of 99%.
“Corn planting came in higher than farmers told us on Feedback From The Field, but today’s estimate may reflect raters’ attempt to factor in prevent plant acres, clouding just what the number means,” Knorr says. “USDA updates its acreage estimate Friday and could cut another 2.8 million off its already reduced forecast from earlier this month. And historical trends suggest the final number could be down 2 million from that, with lower than normal harvested acreage whittling down potential production further.”
Corn crop quality took a big step back last week, meantime, moving from 59% in good-to-excellent condition down to 56% last week. Another 32% of the crop is rated fair (up a point from a week ago), with the remaining 12% rated poor or very poor (up three points from last week). Analysts were expecting USDA to hold quality ratings steady.