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.
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