USDA: Soybean planting progress behind historical average, below market expectations

WASHINGTON, April 19 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 was higher than the average progress in previous years and lower than market expectations.

In the 18 states that account for 96% of the national soybean planting area, as of April 17 (Sunday), the soybean planting progress in the United States was 1%, 0% last week, 3% in the same period last year, and 2% in the same period of five years.

Before the report, analysts expected a 2% soybean harvest, with a forecast range of 1% to 4%.

In Louisiana, the fastest planting state, soybean planting progress reached 23%, the five-year average of 21%.

Soybean planting in the Midwest has yet to begin.