Grain Futures Soar on Delayed Plantings
In the latest Crop Progress report, planting progress continues at a slower than expected pace—causing concern for traders and seeing corn futures up 12 to 13 cents per bushel Tuesday morning.
The USDA reported corn plantings at 30 percent completion as of Sunday, May 12. That’s less than half of what the normal 5-year average rate is at this point in the season. It’s also only a 7 percent increase from the previous week.
Rain and cool weather in the major production areas has hindered planting activities so far this season.
Emergence is also lower than expected, currently at 10 percent. Last year at this time...
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