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June 2, 2014

Late Season Planting in U.S. Progressing Faster than Average

Corn - Farmers made good progress last week in wrapping up their corn planting which now stands at 95% complete compared to 90% last year and 94% average. Corn planting is nearly done in most of the central Corn Belt states, but it continues to lag in the northern and northwestern Corn Belt. The four states with the most corn left to plant (percent wise) are: Pennsylvania (80% planted), Michigan (81% planted), North Dakota (86% planted), and Wisconsin (86% planted).

Many of the northern areas received additional rainfall over the weekend and on Monday which kept planters out of the field. With 95% of the corn planted, that means that there are still about 4.5 million acres of corn waiting to be planted.

For the farmers in North Dakota and northern Minnesota the amount of rain received over the last few days will probably determine what they will do with their remaining corn acres. The prevent plant date for most of North Dakota was May 25th, so if they would plant their corn today (June 2), they would lose 8% of their insurance coverage (1% lower coverage per day for each day planted after May 25th). I suspect that any corn that has not yet been planted in this region will either be switched to soybeans, sunflowers, or spring wheat or be claimed as prevent plant.

In North Dakota there are still 413,000 acres of corn that have not been planted (14% of the original 2,950,000 acres) and in Minnesota there are 602,000 acres of corn that have not been planted (7% of the original 8,600,000 acres). Some of the corn might still be planted, but I would suspect that the majority will either be switched to soybeans or claimed as prevent plant. There may also now be some drowned out spots across southwestern Minnesota and northwestern Iowa after the weekend rains.

Farmers in Wisconsin still have 574,000 acres of corn left to plant (14% of the total) and in Michigan there are 494,000 acres of corn left to plant (19% of the total).

Soybeans - The U.S. soybean planting now stands at 78% completed compared to 55% last year and 70% average. Generally farmers made good progress with their soybean planting except for areas in the northern Corn Belt. The soybean planting was never delayed very much by the cooler temperatures earlier in the spring, so the crop has generally gotten off to a better than average type of start.