Planting Progress and Implications for Corn and Soybean Acreage

Planting Progress and Implications for Corn and Soybean Acreage

Planting Progress and Implications for Corn and Soybean Acreage

In a related development, the country's corn demand is also expected to rise in 2017, after imports past year rose 11 percent from 2015 to 8.44 million tons, while the value edged up 1.2 percent to $1.67 billion, customs data showed. As a result, the USA corn crop is only six percent planted, and is stalled relative to prior year and five-year average levels.

Wheat, corn and soybean futures closed lower on Monday amid rising estimates for US and global stockpiles. And rice is significantly ahead of schedule - 55% planted compared to 46% last year and 37% for the 5-year average. Due to a tie for the fifth position for largest late-planted percentage in corn, six observations are used in calculations. And even after all the corn is planted, the market might not be clued in to the realized acreage shifts right away, at least not by USDA's June estimates.

For the US, the pace of corn planting is six percent below prior year levels and three percent below the five-year average. At six percent planted, and using the March intentions, 7.2 million acres have been planted and 82.796 million corn acres remain unplanted as of April 16, 2017, Figure 3.

While weather can slow planting it can also create complications for the crop. This is why delays sometimes lead to a reduction in intended corn acres.

Last year, more than half of Vietnam's soybean imports came from the USA, followed by Brazil, Canada, Argentina and Paraguay, the report said. The most active period of planting continues through mid-May. "We've had a consistent rain and cloudiness for over two weeks". In 2013, growers planted 43% of the corn crop between May 19 and May 26.

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Weather forecasters are looking at drier weather at the end of April or start of May in the U.S. Midwest which should allow farmers to make better progress with fieldwork, Commonwealth Bank of Australia analyst Tobin Gorey said in a note.

The USDA also projected increased Brazilian soybean stockpiles at 22.6 million tons, sending a bearish tone to the market.

The crop reporting season has opened in the United States, with crop condition and progress being reported weekly.

Last year, competition for soybean exports from South America slowed into the summer months due to a short crop in Argentina, but the size of the crop suggests that won't be the case this year, Suderman said. Poor or very poor crop conditions could ultimately reduce crop yields and total production - improving prices along the way.

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