Profit taking Monday in front of the monthly USDA report scheduled to be released Tuesday morning allowed for a choppy season. Wet conditions in the eastern corn belt continue to hamper plantings as the crop progress report showed U.S. corn plantings at only 48% vs. last weeks plantings of 33% and the 5-year average of 71%. Both Illinois and Indiana are barely planted with only 10% and 11% completed respectively. To put this in perspective, 2.6 million acres of have been planted in IL, IN, and OH vs. the 5-year average pace which would have been 16.5 million acres planted by now.
U.S. soybean planting is just 14% complete vs. 6% last week and 25% average. Again, the western belt is seeing no problem for the most part, whil the central/eastern states are extremely slow.
~Chris Spurlock
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