WASHINGTON, May 24: The U.S. Department of Agriculture’s weekly national crop progress report released after the bell on Monday showed that soybean planting in the U.S. this year still lags behind the average pace of previous years, but is higher than expected.
In the 18 states that account for 96% of the country’s soybean planting area, as of May 15 (Sunday), the US soybean planting progress was 50%, 30% last week, 73% last year, and the five-year average for the same period was 55%.
Before the report, analysts expected soybean planting to be 49 percent complete.
In the Midwest, soybean planting progress in Illinois is 62%, 38% last week, 79% last year, and 57% five-year average; Indiana 50%, 28% last week, 66% last year, and 53% five-year average . Iowa 69%, 34% last week, 88% a year earlier, and a five-year average of 67%.