Planting Progress Report
This spring is turning into the slowest planting progress in history. As of Sunday Nation Wide, only 49 percent of the corn crop has been planted. Last week it was at 30 percent, last year we were 78 percent planted and the 5 year average would be 80 percent planted. Looking at the state breakdown is quite interesting.
Illinois is only 24 percent planted, Indiana 14 percent. Minnesota is 56 percent planted and Iowa is farther along too at 70 percent planted. Remember last march in the Perspective Plantings Report the USDA projected 1.5 million more corn acres in the Dakota's? North Dakota is only 42 percent planted and South Dakota 19 percent. The first day farmers can take the prevented plant option is May 25.
Soybean planting is way behind normal too. Nation wide only 19 percent of the beans are planted. Last week we were at 9 percent, last year 53 percent and the 5 year average pace would be 47 percent planted. Illinois is 9 percent planted, Indiana 5 percent, Iowa 27 percent and Minnesota 23 percent. Of course North Dakota is behind too at 24 percent planted and South Dakota 4 percent planted.
Fortunately the market began paying attention to the slow planting pace about a week ago and the funds were caught on the wrong side! The funds were about record short corn and beans and they have been covering some of those shorts in the last week!