Yesterday, the USDA released its weekly planting progress report. Progress in corn planting has outpaced this time last year, with 5% of the crop already in the ground for the 18 primary producing states. Current progress compares to 4% last year, but is well below the 5 year historical average pace of 14% for similar time periods.

Planting in spring wheat for the 6 primary producing states is currently at 6%; well behind the progress last year of 19% and the historical average for this time period of 21%. For the 18 primary planting states of winter wheat, roughly 14% of the crop has been headed up to this point compared to 7% last year and the 5 year historical average of 12% for this time period.

The updated progress report also showed that approximately 43% of the winter wheat crop is in good or excellent condition; up from 42% last week and compared to 45% at this time last year.

Prices in corn declined over the past week as soybeans rose and wheat remained flat at $5.23/bushel. Corn was down about 4% from last week to $3.76/bushel and soybean prices were up 4% to $10.51/bushel. Year-over-year corn prices are down 35%, wheat is down 38% and soybeans are off 20%.

-GDH