Soybean prices recently closed over$15 per bushel as ending stock estimates from South America continue to fall. With soybean prices this high one has to wonder how many soybean acres will be planted. According to the USDA crop progress report, farmers have planted 12 percent of this estimated years crop. The 2007-2011 average percentage of soybean crop planted this time of year is 5 percent.
Corn (CORN) planting races ahead with 53 percent of planned acres planted, which is twice the 2007-2011 average and 4 times last year pace. 15 percent of the corn crop has emerged.
The winter wheat crop condition remains improved over last year with 64 percent of the crop rated good to excellent verses only 34 percent over the same period in 2011. Only 10 percent of the crop rated very poor to poor verses 41 percent a year ago. There was a concern that cool conditions over the last couple of weeks would cause the crop’s condition to deteriorate. Clearly that has not happened.
This weeks report shows 54 percent of winter wheat crop has headed verses 42 percent a week ago and 29 percent one year ago. This is well above the 2007-2011 average of 24 percent. “Heading out” occurs when the wheat heads start developing on top of the plants. The plants turn yellow as they near harvest. Winter wheat becomes more vulnerable to spring freezes and deteriorating condition after heading.
Most Recent Articles Published Exclusively at Seeking Alpha
- Potash Sales The Lone Bright Spot For Compass Minerals In 1st Quarter
- Slumping Q1 Potash Sales And Production Drive Earnings Miss For Potash Corp.
- CF Industries Q1 Earnings Preview: Will Decision To Limit Forward Sales Impact Revenues?
Recent Blog Posts At The Mays Report
- Intrepid Potash, Inc. Announces BLM Approval of HB Solar Solution Mine Project & Commencement of Construction
- CF Industries Holdings, Inc. Declares Quarterly Dividend
- Q1: PotashCorp Reports First-Quarter Earnings of $0.56 per Share