Corn planting inched forward this week, falling short of analysts’ expectations and marking yet another week of slow progress.
A Reuters poll of 14 analysts pegged this week’s corn planting at 33 percent, but as shown in the USDA’s weekly Crop Progress report, corn planting fell 4 percentage points short of meeting this expectation.
According to Monday’s report, 29 percent of the corn in the country’s top 18 corn-producing states has been planted.
One week ago, corn planting stood at 19 percent, surprising traders that the progress was not higher. Despite the progress made from last week, corn planting remains well under the five-year average of 42 percent; however, it remains above last year’s progress of 11 percent.
Overall, five states are reporting at least 50 percent of corn in the ground, including Kansas (52 percent), Missouri (63 percent), North Carolina (75 percent), Tennessee (68 percent) and Texas (73 percent). North Dakota remains the only state yet to begin planting corn due in part to wet and cool conditions across the state.
Seven percent of corn has emerged, putting it 4 percentage points above 2013 but 5 percentage points below the five-year average.
Soybean planting is progressing at an even slower pace than corn, advancing by just 2 percentage points from last week’s report. With 5 percent of soybeans in the ground, this puts is below the five-year above of 11 percent but more than double last year’s report of 2 percent.