USDA is reporting that only 4% of corn acres and 15% of soybeans are still to be planted as of June 23, 2019. Farmers managed to get another 4% of their corn in the ground in the past week, taking the total percentage of acres planted to 96% (vs. 92% the previous week).
As of June 16, 92% of U.S. corn was in the ground and 77% of soybeans had been planted. Both remain far behind the normal pace of planting and a high level of uncertainty remains about how much corn will actually get planting at this late date.
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In this episode of On the Record, brought to you by Associated Equipment Distributors, Deere Director of Investor Relations Josh Beal told JP Morgan analysts that the OEM is confident it will be “producing to demand” in fiscal year 2025.