Planting Progress Report
Monday afternoon the USDA NASS released the Planting Progress Report. It confirmed what we already knew, corn and bean planting fell even farther behind normal. Only 67 percent of the corn crop has been planted. Traders were expecting 70 percent planted. Even more important is the "big" corn states are the farthest behind. Illinois is only 45 percent, Indiana 22 percent, Ohio 31 percent, South Dakota 44 percent and Missouri 69 percent.
Soybean planting is of course way behind too with only 39 percent of the crop planted. Not surprising the states that are the farthest behind planting corn are also the slowest planting beans. Illinois is only 21 percent planted, Indiana 17 percent, Ohio 18 percent, Missouri 18 percent, South Dakota 14 percent, and Iowa 41 percent. I should mention these numbers on planting progress are as of last Sunday June 5, 2019.
There is still time to get the beans planted. However, with corn, there seems no question with how wet the Midwest is, many farmers will be forced to take prevented plant with their crop insurance. It seems to me the "market" has not really considered just how many million acres that corn prevented plant number might be!