Planting Progress Report
All farmers, end users and traders were watching the Crop Progress Report that was released Monday afternoon. This spring will be remembered for decades to come as it has seen the slowest planting progress in history! As of Sunday June 9, 2019 only 83 percent of the corn crop had been planted. In the Perspective Plantings Report the USDA reported that farmers intended to plant 92.4 million acres of corn this year. Doing the math that leaves about 16 million acres of corn not planted yet!
It is not a surprise that soybean planting is way behind normal too. Only 60 percent of the soybean crop has been planted. That leaves around 30 million acres of soybeans yet to be planted. It is unknown how many more acres of corn will be planted, how many will be switched to soybeans or if many farmers will just take the prevented plant option with their crop insurance?
Another important question is a lot of the crop was "mudded in" and what will the yield be on the corn and soybeans that did get planted? Sure wish I knew the answers to those questions before the market finds out!