The USDA’s latest crop progress report shows U.S. farmers ahead of schedule for corn and soybean planting despite wet weather delays, while wheat conditions improved more than expected after beneficial Plains rainfall.
Key Highlights:
- Corn: 24% planted (vs. 22% 5-yr avg) with Iowa at 34% but Illinois lagging at 16%. Farmers plan to expand corn acreage 5% in 2025—the highest in 12 years.
- Soybeans: 18% planted (vs. 12% 5-yr avg), despite Brazil’s dominance as top exporter. Acreage is expected to hit a 5-year low this season.
- Wheat:
- Winter wheat conditions jumped to 49% good/excellent (vs. 45% last week), matching 2024 levels.
- Spring wheat planting reached 30% (vs. 21% avg), though rains slowed progress in the northern Plains.
Market Impact:
Chicago wheat futures hit contract lows on improved crop prospects, while timely planting progress for corn and soybeans may ease supply concerns despite acreage shifts.
US Corn, Soy Planting Progress Outpaces Averages; Wheat Conditions Boosted by Plains Rains