By Amanda Brodhagen, Farms.com
The U.S. Department of Agriculture’s (USDA) most recent weekly Crop Progress report, released Monday, May 6th may soon start to become old news says Moe Agostino, Risk Management Consultant with Farms.com. “… I think that this report could be a little bit behind…and that could be the case moving forward,” explains Agostino.
The report said that corn planted stood at 12% planted as of May 5th, but as Agostino notes many in the industry believe that number is closer to 22%. Corn is only 3% emerged versus the five-year average of 15%. Soybeans were 2% planted verses the average of 12%. “Winter wheat crop conditions did get a little worse…maybe a little more damage from some of that freeze …if there is anything that tends to have nine lives its wheat…,” said Agostino. Spring wheat planted sits at 23%, which is well behind the average of 50%.
The market is not looking at this report much, but will turn its attention to the upcoming USDA WASDE report scheduled for release this Friday. This report will likely have some lower numbers due to delayed planting, but Agostino believes that it’s still going to be a fairly big crop and adding that global numbers also look healthy. More information about Farms.com Risk Management services can be found at: http://www.riskmanagement.farms.com/.