About 5% of intended US corn acreage planted, below market estimates: sources

Chemical News: About 5% of intended US corn acreage planted, below market estimates: sources

https://www.chemnet.com Apr 25,2018 Platts
A total of 5% of the intended US corn acreage had been planted through Sunday, the Department of Agriculture said in its weekly crop progress report after Monday's market close.

This level was 11 percentage points below the five-year average for this week and 10 percentage points below planting at the same time last year.

The data showed the level of crop planted below market estimates, which were around 6%-7%, one source said.

"The farther we move into May, we know there could be yield reductions as pollination would occur at likely higher temps," a market participant said. "But at the same time, in 2013, we planted our first kernel on May 15th and had a heck of a crop."

Texas had the most crop acreage planted, with 65% of the total for the state planted. North Carolina had 48% of the state's crop planted and Tennessee had 30%.

The 18 states surveyed accounted for 92% of the 2017 corn acreage, the report said.

The May CBOT corn futures contract settled 2 cents higher Monday at $3.785/bushel.

Corn is the main source of US-produced ethanol and also the main competitor for DDGS.
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