While USDA's Planted Acreage Report sent corn prices south, anyone who's driven country roads knows there's more to the story than how many acres have been planted. Crop progress for both corn and soybeans is slow this year.
For example, Minnesota's corn crop, which has avoided the Midwest flooding and is among the brighter prospects, is averaging 21 inches high as of this week. That compares to last year at 50 inches and the five-year average at 36 inches.
USDA's Crop Progress Report for the week indicates that just 3 percent of the U.S. corn crop was silking by June 29, compared to 11 percent by this time last year and 9 percent for the five-year average. USDA rated 61 percent of the corn crop in "good or excellent" condition, compared to 59 percent receiving that rating last week, and 73 percent last year.
As for soybeans, 4 percent of the crop was blooming as of June 29. That compares with 15 percent a year ago and 11 percent for the five-year average. Soybean emergence stands at 90 percent, compared to 97 percent in 2007, and 96 percent for the five-year average.
Fifty-eight percent of the soybean crop is rated as good or excellent, compared to 57 percent last week and 68 percent this time last year.
To read USDA's report, click here (PDF format).