With USDA’s Crop Progress report showing that 91% of the corn crop was planted as of June 2, questions remain about whether planting delays will significantly reduce the number of acres that will be harvested this fall.
Daily Livestock Report (www.dailylivestockreport.com) authors Steve Meyer and Len Steiner point out that corn planted after June 1 increases the chances of lower yields.
In the latest USDA survey of the 18 key production states, Iowa reported 88% planted, Illinois 91%, Missouri 86%, Indiana 94%, Nebraska 99% and Ohio 98%. Wisconsin reported only 74% planted, while North Carolina reported 100% corn planted. Last year, in a severe drought year, all of the corn had been planted.
It is projected that Iowa still has about 1.7 million acres to plant, while Minnesota has another 1.2 million acres left to plant. In all, estimates indicate there are about 7.8 million acres of corn remaining to be planted, according to Meyer and Steiner’s report for June 4.
Some of those acres will likely be planted this week, but the pace could be slow due to the soggy conditions and expectations of more rain on the way.
Estimates vary on the outcome of corn planting, but some analysts suggest the total planted acres could be 3.5 million acres below the USDA May estimate of 97.3 million.
If yield estimates of 158 bu./acre remain, the reduction in acres alone would remove about 500 million bushels from the final corn crop production. However, despite this significant decline in planted acres, ending stocks still would end up at around 1.5 billion bushels.
And with generous USDA allowances for feed and residual use, a corn crop of about 13.6 billion bushels still would be big enough to push corn prices well below current lev