Washington, May 10 News: The U.S. Department of Agriculture’s weekly national crop progress report released after the market on Monday showed that the U.S. soybean planting progress this year still lags behind the average progress of previous years and is also lower than market expectations.
In the 18 states that account for 96% of the country’s soybean planting area, as of May 8 (Sunday), the US soybean planting progress was 12%, 8% last week, 39% last year, and the five-year average for the same period was 24%.
Before the report, analysts expected soybean planting progress to reach 16%.
In the Midwest, soybean planting progress in Illinois is 11%, 5% last week, 55% last year, and 300% five-year average; Indiana 7%, 3% last week, 34% last year, and 24% five-year average . Iowa 7%, 4% last week, 64% a year ago, and a five-year average of 34%.
This week the USDA also released its first soybean emergence data for this year. As of Sunday, the emergence rate was 3 percent, compared with 9 percent in the same period last year and a five-year average of 4 percent.