US corn planting seen 92pc complete, soybeans 79pc

CHICAGO: The US Department of Agriculture's weekly crop progress report should show that farmers were able to plant 92% of the US corn crop as of Sunday, according to the average estimate in a survey of 14 analysts on Monday.

Trade estimates for the week ended June 16 ranged from 90% to 95%. The government was scheduled to publish its report at 3 p.m. CDT (2000 GMT).

Farmers have struggled with widespread planting delays due to wet weather this spring, and corn seeding is normally complete by this point in the season. Seeding was 83% complete by June 9.

Analysts on average expected the USDA to rate 59% of the corn crop as good to excellent, unchanged from the previous week. Estimates for good to excellent condition ranged from 56% to 62%, with the median at 59%.

For soybeans, analysts expected the USDA on Monday to report that planting was 79% complete, with estimates ranging from 75% to 85%. Analysts put the five-year average for soybean planting progress at 93%.

For wheat, analysts forecast, on average, that the USDA would rate 63% of the winter wheat crop in good to excellent condition, down from 64% the previous week. Analysts expected the government to report the winter wheat harvest as 14% complete, with estimates ranging from 10% to 23% complete.

With spring wheat planting virtually complete, analysts on average expected the government to rate 81% of the crop as good to excellent, unchanged from a week ago.