CHICAGO: US farmers planted less corn than expected over the past week due to cool conditions in the heart of the Corn Belt, and seeding remained behind the average pace for late April, according to weekly US Department of Agriculture data on Monday.
US corn was 6 percent planted as of April 20, ahead of the 4 percent of the crop seeded at the same point last year but lagging the five-year average of 14 percent, USDA's crop progress and condition report showed.
Analysts polled by Reuters estimated that farmers, on average, had seeded 9 percent of the 2014 crop as of Sunday, with a range of estimates between 5 percent and 13 percent.
Improving US planting conditions following weekend temperatures in the 70s (Fahrenheit) in Iowa and Illinois dragged corn futures on the Chicago Board of Trade to a three-week low on Monday.
"With the conditions we had coming out of this winter, 6 or 7 percent planted at this point is reasonable. Next week it probably jumps up more aggressively if the weather is favorable," said Don Roose, president of US Commodities.
"This sets us up for a turnaround Tuesday," he said, referring to a potential futures rebound following Monday's losses.
Most of the corn planting last week occurred along the southern fringes of the Corn Belt in states including Missouri, Kansas, Kentucky and Tennessee.
Corn in top producer Iowa was only 2 percent planted as of Sunday, behind the three-year average of 11 percent.
The crop was 5 percent seeded in No. 2 producer Illinois, versus 22 percent on average.
Jefferies Bache senior grain analyst Shawn McCambridge said he had expected the report to show US corn planting at 6 percent to 10 percent complete.
"We had lot of activity in the Midwest," he said. "A lot of it was field preparation, but there were a few planters. We get these showers moving through, and with the warmer temperatures, they will be going strong from here on out."
US winter wheat conditions were little changed last week despite expectations for a decline in crop ratings due to dryness in the Southern Plains hard red winter wheat belt.
USDA rated 34 percent of the winter wheat crop in good to excellent shape, versus 34 percent in that category the prior week and below the five-year average of 49 percent.
CBOT soft red winter wheat and hard red winter wheat futures plunged more than 3 percent on Monday on long liquidation by investment funds following much-needed rains in parts of the US Plains wheat belt.
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