US planted corn acreage hits 91%, up from 84% the prior week: USDA

31.05.2017
A total 91% of the intended US corn acreage had been planted as of Sunday, up from 84% the prior week, the Department of Agriculture said Tuesday.
 
This was 2 percentage points below the five-year average for this week and 2 percentage points below the same time last year.
 
The market was expecting planting progress to be between 89% and 92%, a market participant said.
 
Emerged corn for the week ending May 28 was at 73% of the total intended US corn acreage, 2 percentage point below the five-year average, and 2 percentage points below the same time last year, according to the USDA.
 
Of the corn, 8% of the corn planted was rated as excellent and 57% was rated as good, while 65% was rated in the good-excellent range. For the same period a year ago, the crop condition was 12% excellent and 60% good, 72% rated in the good-excellent range.
 
The good-excellent rate was below market expectations, as it was expected 71%-72% of the corn planted to be in good-excellent condition, sources said.
 
The 18 states surveyed accounted for 92% of the 2016 corn acreage, the report said. Front-month corn future contracts settled before the release of the USDA report Tuesday 7.25 cents lower at $3.6700/bushel. The December futures contract -- new crop -- settled 6.75 cents lower at $3.8575/bushel.
 
Corn is the main competitor for DDGS and also the main source of US-produced ethanol.
 
 

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