On Monday, USDA estimated that the U.S. corn crop is 93 percent planted, the fastest ever. The five-year average for this date is 89 percent.
Emergence is also doing well but lagging the best-ever pace of 2000, say Steve Meyer and Len Steiner in the CME Daily Livestock Report. “As of May 23, 71 percent of corn had emerged. That compares with 30 percent last year, a computed five-year average of 51 percent and USDA’s published five-year average of 62 percent.”
Corn futures prices on the Chicago Board of Trade have been up in recent days.
Good Chinese demand continued to buoy corn futures, while prospects for good weather, a strengthening dollar, jitters over the worsening European Union economic situation have limited gains.
The recent weather pattern has kept corn crop condition ratings near historical levels in spite of the record planting pace. This week, 71 percent of corn acres were rated good or excellent, up from 67 percent last week. There was no rating for corn in last year’s concurrent week.
This week’s 71 percent good-excellent rating tied for fourth in the historical data with 1994’s 78 percent being the highest on record.
Source: CME Daily Livestock Report, Mike Roberts