May 14, 2017

Hay Stocks Remain Strong

 |  By: Know Your Market

Although corn and soybeans may be the centerpiece of the USDA monthly supply and demand report, other numbers are also reported. In the report released Wednesday May 10, hay stocks as of May 1 were reported at 24.4 million tons, that’s a 3% decline or 750,000 tons less than last May, but remains as the third largest inventory since 2005. This is good news for those that struggled to maintain good forages through the winter or for those who, with this wet spring, are struggling to replant.

On the same note, corn plantings as of May 7 were recorded at 47%, which is 5% below the five-year average and 14% short of last year’s record pace. These numbers are a measure of the progress being made in the top 18 corn producing states which last year accounted for 92% of U.S. corn production. With forecasts allowing for improved planting conditions it is very likely that this week’s number will play catchup. And despite some concerns over delayed plantings, topsoil conditions are being reported at 91% adequate or surplus among the 48 contiguous states and subsoil conditions are at 89% adequate or surplus.

Long story short, there will be no immediate shortage of moisture for our growing crops.