Latest Crop Report Shows Promise

The U.S. Department of Agriculture (USDA) crop progress report for the 2020 planting season continues to show cause for optimism. As of May 17, 80% of the corn had been planted compared to 44% in 2019. The current year’s planting is 9% ahead of the five-year average of 71%.

Emerged corn percentages are also increasing compared to 2019. The total percentage of emerged corn was at 43% as of May 17, a strong 19% above the prior week’s 24%, and bettering the five-year average of 40%.

The National Propane Gas Association (NPGA), in its latest NPGA Reports, commented that “at this time it is premature to predict the supply demand for harvest because many factors are unknown that could impact emerging crop, such as weather patterns in the upcoming weeks.”

For the entire crop progress report, click here: https://downloads.usda.library.cornell.edu/usda-esmis/files/8336h188j/kd17dd70q/gm80jg11q/prog2120.pdf

SOURCE: The Weekly Propane Newsletter, May 21, 2020. Weekly Propane Newsletter subscribers receive all the latest posted and spot prices from major terminals and refineries around the U.S. delivered to inboxes every week. Receive a center spread of posted prices with hundreds of postings updated each week, along with market analysis, insightful commentary, and much more not found elsewhere.