The pace of early US corn and soybean planting is lagging market expectations.
Monday’s USDA crop progress report pegged nationwide corn planting at 4% complete as of Sunday, up 2 points from a week earlier but behind 6% last year and 5% on average. Meanwhile, an estimated 2% of the US soybean crop was in the ground, 1 point behind a year ago but on par with average.
Market guesses ahead of this afternoon’s report were for corn to be 6% planted, and soybeans to be 3% done.
Corn planting in the top production state of Iowa was estimated at 2% complete as of Sunday, 1 point behind last year but on par with the state average, while Illinois was 1% done, compared to 3% last year and 4% on average. No corn planting was yet reported in Indiana, Michigan, or Ohio.
For soybeans, the Illinois crop was 2% planted as of Sunday, up 1 point from a week earlier. That is behind 4% last year but matches the average pace. Iowa soybean planting was 1% done, versus 2% last year and 1% on average. No soybeans were yet planted in Indiana, Michigan or Ohio.
