It looks like farmers in the Corn Belt are finally able to get into their fields and get some seeds in the ground, but current progress is lagging both last year on this date, as well as the 5 year average. But they’re starting to catch up.
USDA reports that, as of May 6, 39% of corn acres have been planted. This compares to 45% last year and the 5 year average of 44%. Of the major corn producing states, Illinois definitely has a leg up with 74% of corn planted. This compares with 65% a year ago and the 56% over the past 5 years. Missouri, too, is ahead of their normal pace with 78% of crop planted compared with 76% last year and its 5 year average of 66%.
Meanwhile, Iowa farmers only have 40% of corn in the ground vs. 49% last year and their 5 year average of 48%. Indiana currently has 42% of its corn crop planted, which is significantly above its 5 year average of 33%, but lagging behind last year for this date when 50% of corn was in the ground.
Soybean plantings made a little progress with 15% planted vs. 5% a week earlier. And this ahead of the 13% at this point a year ago and 13% over the past 5 years.