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Soybean Seeding Slow; Grains Closer to Normal
WASHINGTON - May 20/02 - SNS -- Relatively good seeding progress was reported during the past week, according to this week's preliminary crop progress report from the USDA.
However, seeding of all crops remains well behind last year and the recent average. Soybean seeding is moving ahead the most slowly, with only 35% in the ground, compared to 55% at this time last year. By contrast, planting this year's grains is moving at a rate closer the last year and the recent average.
Markets remain nervous about seeding progress, with planting of key crops such as corn and soybeans not moving forward as quickly as expected by the trade. Traders were looking for the USDA top report 75% of the corn crop was in the ground, compared to the 70% reported this afternoon.
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