U.S. Corn, Wheat, Cotton Planting Advance, USDA Says

U.S. farmers accelerated planting of the corn crop last week ahead of weekend rain, government data show. Winter-wheat conditions held steady.

About 50 percent of the corn crop was seeded as of yesterday, compared with 19 percent a week earlier and 20 percent a year earlier, the Department of Agriculture said today in a report. The average for the previous five years was 22 percent. An estimated 7 percent of the plants had emerged from the ground, compared with the five-year average of 5 percent, the USDA said.

“It’s the fastest pace on record and now we’ll see if we can get the rest of the crop planted as quickly,” said Dan Cekander, the director of grain research for Newedge USA LLC in Chicago. “It’s warm and that means the crop should come up out the ground quickly,” increasing yield potential, he said.

Corn futures for July delivery fell 1.5 cents, or 0.4 percent, to $3.595 a bushel on the Chicago Board of Trade. Last week, the price fell 3.5 percent on speculation that U.S. farmers were seeding the crop at a record pace.

Planting of sorghum was 25 percent completed as of yesterday, up from 23 percent a week earlier and 26 percent, on average, during the prior five years, the government said. Seeding of oats was 75 percent complete, up from 63 percent a week earlier and the five-year average of 60 percent.

Cotton, Spring Wheat

Cotton growers had sown 16 percent of the crop, compared with 11 percent a week earlier and 15 percent a year earlier, the USDA said. The five-year average was 18 percent. Rice was 69 percent seeded, up from 47 percent a week earlier and the five- year average of 50 percent.

About 43 percent of the spring-wheat was planted in the northern Great Plains, compared with 20 percent a week earlier, the USDA said. The average for the previous five years was 27 percent.

About 69 percent of the winter-wheat crop was in good or excellent condition, unchanged a week earlier, the USDA said. That compares to 45 percent a year earlier, when plants were harmed by drought. In Kansas, the biggest grower of hard-red winter wheat, about 73 percent of the crop was rated good or excellent, up from 71 percent a week earlier.

Corn is the biggest U.S. crop, valued at $48.6 billion in 2009, followed by soybeans at $31.8 billion, government figures show. Wheat is the fourth-biggest U.S. crop, valued at $10.6 billion, behind hay, according to the USDA.

Jeff Wilson
Source: Bloomberg