U.S. CORN PLANTING PACE IS AVERAGE

ILLINOIS CORN FARMERS ARE FAST TO PLANT CORN.

The U.S. corn planting pace has caught its average, coming in slightly ahead of the trade’s expectations.

On Monday, the USDA Crop Progress Report noted that 34% of the corn crop is in the ground, equal to the five-year average, and above the trade’s expectation of 32%.

Also, 9% of the corn has emerged, slightly ahead of an 8% five-year average.

Illinois leads the way within the major corn-producing states at 63% completed, way above its 47% five-year average.

Indiana is pegged at 45% complete on corn planting, sharply above a 26% five-year average.

Iowa farmers are 28% complete, behind a 35% five-year average, according to the USDA.

Nebraska farmers have planted 34% of their expected corn crop, slightly above a 30% five-year average.

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Click here to see state-by-state planting numbers.

SOYBEANS

In its report, the USDA pegged the U.S. soybean crop as 10% planted vs. a 7% five-year average. Indiana has 16% of its soybean crop planted, above a 8% five-year average. Illinois farmers have 13% of their soybeans in the ground.

WHEAT

The U.S. winter wheat is rated as 42% headed vs. a 34% five-year average. The USDA rated the crop as 54% good/excellent vs. a 61% rating a year ago.

The trade is weighing the effects of unusual inclement weather, specifically a blizzard that swept across the High Plains this weekend. (For more, read ‘We Lost the Western Kansas Wheat Crop This Weekend’.)

Beginning tomorrow, the Wheat Quality Council will hold its Hard Red Winter Wheat Tour through Kansas. Watch for daily updates on Agriculture.com.

With flooded planted fields in Illinois, winter storm warnings for Nebraska and Minnesota, tractors in Kansas pulling snowblades instead of planters, and wheat crops covered in snow, if this isn’t a recipe for a rally on May 1, I don’t know what is.

To add more bullish news, the Midwest rain for the month of May is not done, according to WXRisk.com forecaster David Tolleris.

“The six- to 10-day outlook is cool and dry. It warms up in the end of the six- to 10-day period. In the 11- to 15-day, rain returns along with more seasonal temperatures. The 16- to 20-day keeps it wet throughout the western and northern Corn Belt,” Tolleris stated in a note to newsletter customers Monday.