US corn and soybean producers managed to make less planting progress than expected this past week, although the general outlook for this year's crops remains promising.
Working between regular rounds of rain, producers managed to push nationwide corn planting to 83% complete as of Sunday, up from 70% a week earlier and just a single point behind the five-year average. Soybean planting advanced 16 points on the week to 68% complete – five points ahead of average.
Despite the gains, the news could be supportive for futures. Corn planting progress was 5 points less than market expectations (88%), while progress on soybeans was 4 points less.
In the top production state of Iowa, corn planting advanced 10 points on the week to reach 88% complete as of Sunday, still behind 97% last year and 92% on average. The Illinois crop was 80% planted, versus 67% a week earlier and 79% on average.
Three-quarters of the Michigan corn crop was planted as of Sunday, up sharply from 50% a week earlier and now 6 points ahead of normal. Ohio corn planting soared 33 points from the previous week to reach 79% complete as of Sunday, also now ahead of normal.