CNBC, 13-May-13
By: Patti Domm
Less than a third of the corn crop in key planting states is in the ground, the third lowest level for this time of year since 1980.
The U.S. Department of Agriculture Monday reported that 28 percent of the expected corn crop has been planted, and in key farm belt states, like Iowa and Illinois, the levels are even lower.
"Obviously, we have significant problems," said Rich Nelson, director of research at Allendale. "The trade after this week will begin dropping by both acreage and yield expectations. That's the message right here."
The cold, wet spring has wreaked havoc with farmers' efforts to plant, but even so, analysts and the government still expect a bumper crop. <Click Here for More>
