USDA reports corn planting is moving at its slowest pace in nine years. Poor timing for threats to the world’s largest corn crop as prices remain near record levels.
The Department’s Ag statistics service on Monday pegged 7% of the corn crop planted as of Sunday, below trade expectations of 9%. The five-year average is 15%, and 16% was planted on the same date last year.
Only 2% of the corn in top growers Iowa and Illinois was planted as of Sunday, well off the respective averages of 15% and 21%. U.S. corn planting typically reaches the halfway point on May 8.
It is still early in the U.S. corn planting campaign and concerns for yield are not yet necessary. However, below average yields have resulted when May 8 progress is 40% or less. Poor yields were the outcome in eight of the 10 years where planting was less than two-thirds complete by May 15. s