With improved weather in much of the Corn Belt this week farmers should make some significant progress in getting their corn and soybeans in the ground. They will need it because, as of this past Sunday, May 12, planting lagged far behind what one might expect at this point in the season. According to USDA data, corn planted after mid-May tends to begin dropping in overall yield come harvest. Late plantings also tends to impact farm equipment sales, as well.
As of May 12, 30% of corn acres were planted. This compares to 23% last week, 59% last year as of this date and the 5 year average 66%. So far, 10% of corn has emerged. Last year on this date 25% was emerged and the 5 year average is 29%.
Only 9% of soybeans were in the ground as of this past Sunday. This compares with 6% last week, 32% last year and the 5 year average of 29%.