Corn, Soybean Planting at Halfway Point

USDA reports roughly half of all U.S. corn has been planted as of May 7. Planting progress sped up in the week leading up to the report as pace progressed a whopping 28 points ahead of last year and 7 points ahead of the five-year average of 42%. Iowa corn is 70% planted and Illinois is 73% planted, well ahead of their respective averages of 53% and 46%. Soybeans climbed 16% higher last week to reach a pace of 35% planted, 24 points ahead of last year and 14 points ahead of the five-year average. Illinois has 66% of its soybeans planted while Iowa is at 49%.

Meanwhile, winter wheat crop development shows 38% has headed, up 13 points from the previous week and just 3 points ahead of the five-year average. Winter wheat was rated 29% good to excellent while the crop’s poor to very poor rating increased 2 points to 44%, largely due to drought and powerful winds.

Read more on the latest USDA Crop Progress Report here.