Nationwide, farmers have planted 49% of their intended corn acres, far below the 80% average for this time of year, according to the U.S. Department of Agriculture. Just 19% of soybean acres have been planted, compared with the 47% average. This year’s corn planting is the slowest since record-keeping began in 1980, according to agricultural economists at the University of Illinois.
The prospect of weather-diminished crops lifted corn futures prices 6.8% in the past week, while wheat futures climbed 5.2%. Soybean futures prices fell 0.7% on the potential for farmers to shift more acres to the oilseed.
Illinois farmer Tom Mueller said he typically tries to get his 400 acres of corn and soybeans planted by the Kentucky Derby in early May. This year, nothing was planted by that date. Some fields still had pools of standing water and others were too muddy to work....