Yesterday, the USDA released its weekly planting progress report. Progress in corn planting has kept pace with this time last year, with 2% of the crop already in the ground for the 18 primary producing states. This compares to a 5 year historical average of 6% in similar time periods.

Planting in spring wheat for the 6 primary producing states is currently at 2%; behind the progress last year of 8% and the historical average for this time period of 11%. 9% of the winter wheat crop in the 18 primary producing states has been headed up to this point compared to 4% last year and the 5 year historical average of 6% for this time period.

The updated progress report also showed that approximately 42% of the winter wheat crop is in good or excellent condition; down from 43% last week and 47% at this time last year.

Prices in corn and wheat futures also declined over the past week as soybean rose. Corn was down about 4% from last week to $3.90/bushel and wheat prices were down 7% to $5.22/bushel. Year-over-year corn prices are down 34% with wheat down 42%. Soybeans were up 1% from last week at $10.07/bushel but off 27% yoy.

-GDH