Commodity News

Soybean and Corn Planting Continues on Satisfactory Note in the US

Abhijeet Banerjee
Abhijeet Banerjee

Farmers in the US have made significant progress in corn and soybean planting in the present week, as per USDA’s latest Crop Progress Report. Planted area in Corn has increased from 51% planted to 67% planted. The figure is 12 % above the 5-year average. Soybeans are nearly 38% of the total planted area and 15% above last week and the 5-year average.

Weather had been favorable enough to boost planting progress. But the report also mentions that recent cold weather breaks can pose some threat for the crop growth in coming weeks.  Last year, the weather was slightly wet at this time but abundant sunshine in present term increases the possibility of rise in sowing activity all in all.  Although some cool weather still persists in few regions, temperature is not much concerning as of now.

The soybean crop of the US is projected at 4.125 billion bushels by the USDA, up 568 million from last year on increased harvested area and trend yields. Despite lower beginning stocks, soybean supplies are projected up 5% from 2019/20 to 4.720 billion bushels. U.S. soybean exports are forecast at 2.050 billion bushels, up 375 million from the revised forecast for 2019/20.

U.S. ending stocks for 2020/21 are projected at 405 million bushels, down 175 million from the revised 2019/20 forecast. Similarly the corn crop is projected at a record 16.0 billion bushels. Total corn supplies are forecast record high at 18.1 billion bushels. With total U.S. corn supply, increasing beyond its use, 2020/21 U.S. ending stocks are up 1.2 billion bushels from last year and if realized would be the highest since 1987/88, as per the latest USDA report. As per sources it is quite likely that USDA won’t change the estimates for corn and soybean acres or yields until its June report. It will be important to evaluate in coming months regarding how big the corn and soybeans crops will be this year.

The USDA has estimated the 2020/21 U.S. season-average corn price at $3.20 per bushel, down 40 cents from 2019/20 and the lowest since 2006/07. For soybeans, the projected price is $8.20 per bushel, down 30 cents from 2019/20. 

Given below are the statistics of Corn and Soybean planted in the US by the National Agricultural Statistics Service (NASS), Agricultural Statistics Board, United States Department ofAgriculture (USDA)

 

Corn Planted - Selected States

[These 18 States planted 91% of the 2019 corn acreage]

-----------------------------------------------------------------

                 :            Week ending            :          

                 :-----------------------------------:          

      State      :  May 10,:  May 3,   :  May 10,  : 2015-2019

                 :   2019    :   2020    :   2020    :  Average 

-----------------------------------------------------------------

:                    Percent                                         

Colorado ........:  34          33          51          37     

Illinois ........:      11          56          68          66    

Indiana .........:    5          33          51          42    

Iowa ............:     45          78          91          66    

Kansas ..........:     45          42          61          58    

Kentucky ........:     51          57          65          60    

Michigan ........:      4          11          37          26    

Minnesota .......:     17          76          89          57    

Missouri ........:       51          44          67          78    

Nebraska ........:      43          61          79          60    

North Carolina ..:     84          79          89          88    

North Dakota ....:     9           4           7          38    

Ohio ............:          3          10          33          36    

Pennsylvania ....:      23           1           5          32    

South Dakota ....:      3          38          51          38    

Tennessee .......:       75          54          67          82    

Texas ...........:          74          69          84          75    

Wisconsin .......:        12          33          59          39    

18 States .......:         28          51          67          56    

Soybeans Planted - Selected States

[These 18 States planted 96% of the 2019 soybean acreage]

-----------------------------------------------------------------

                 :            Week ending            :          

                 :-----------------------------------:          

      State      :  May 10,:  May 3,   :  May 10,  : 2015-2019

                 :   2019    :   2020    :   2020    :  Average 

-----------------------------------------------------------------

:                    Percent                                             

Arkansas ........:    20          20          34          45    

Illinois ........:         3          31          43          25    

Indiana .........:       2          22          37          18    

Iowa ............:        12          46          71          24    

Kansas ..........:        6          11          23          11    

Kentucky ........:     12          25          33          12    

Louisiana .......:      51          51          68          65    

Michigan ........:       3          13          35          12    

Minnesota .......:     2          35          57           30    

Mississippi .....:      31          39          51          61    

Missouri ........:       4           7          14            18    

Nebraska ........:      18          32          54          23    

North Carolina ..:     22          10          17          16    

North Dakota ....:     4           1           4              17    

Ohio ............:          2           7          24             14    

South Dakota ....:     - 11          23          13    

Tennessee .......:        17          14          20         19    

Wisconsin .......:         3          14          35           14    

18 States .......:         8          23          38             23    

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