US Corn and Soybean Advances Less Than Expected

May 29, 2024

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.

North Dakota corn planting hit the three-quarter pole, reaching 75% complete as of Sunday, well ahead of 61% last year and 62% on average and up from just 51% a week earlier.

Soybean planting in Illinois gained 14 points to 72% complete, 7 points ahead of average, while Iowa planting advanced 12 points to 73%, versus 77% on average.

Michigan soybean planting jumped 24 points to 66% complete. Ohio soybean planting advanced to 67% complete, versus 41% a week earlier. Progress in both states has now surpassed the five-year average after a slow start.

More than half (52%) of the North Dakota soybean crop was in the ground as of Sunday, up from 33% the previous week and ahead of 44% on average.

An estimated 58% of the national corn crop had emerged as of Sunday, in line with the five-year average, while national soybean emergence was 3 points ahead of average at 39%.

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