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Soybean Planting Back to Average Pace
02.06.2010 12:37 "Agro Perspectiva" (Kyiv) —
U.S. soybean producers made significant progress this past week, getting the planting of this year’s crop back near the average pace.
According to today’s USDA crop progress report, 74% of the nationwide crop was planted as of Sunday, up 21 points from a week earlier and ahead of 63% last year. The planting pace is now basically on par with average (75%) and in line with pre-report trade expectations.
In Illinois, planting advanced 26 points to 73% complete, well ahead of 31% last year and 2 points better than average. The Indiana crop was 70% planted, up 20 points from the previous week and ahead of both last year and average at 46% and 69%. The Iowa crop was 91% planted — up 16 points from a week earlier — and also ahead of last year and average at 89% and 88%.
Planting in Michigan jumped 23 points to 73% complete, compared to 59% last year and 77% on average. Ohio was 64% planted as of Sunday, versus 48% the previous week, 78% last year and 84% on average.
Across the country, 46% of the soybean crop had emerged as of Sunday, compared to 24% a week earlier, 33% last year and 44% on average.
July soybeans finished down 5 3/4 cents at $9.32, and November lost 5 cents to $9.02 3/4 today. The July soybean contract struggled higher to start the day session and posted one more fractional gain into early afternoon before turning lower and closing near the lows of the day. Traders said that outside markets and a favorable weather forecast dominated today’s price action.
A line of heavy rains is expected on Wednesday across southern Minnesota, northern Iowa and mostly to the north of Illinois with some additional local thunderstorms on Friday and Saturday.
This week’s export inspections for soybeans were 5.718 million bu, up from 4.423 million last week. Inspections need to average 8.9 million bu each week to reach the USDA’s export projection for 2009–10.
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