Yesterday, the USDA released its weekly planting progress report. Progress in corn planting continues to outpace this time last year, with 22% of the crop already in the ground for the 18 primary producing states. Current progress compares to 9% last year, but is well below the 5 year historical average of 28% for similar time periods.

Planting in spring wheat for the 6 primary producing states is currently at 15%; well behind the progress last year of 32% and the historical average for this time period of 36%. For the 18 primary planting states of winter wheat, roughly 21% of the crop has been headed up to this point compared to 14% last year and the 5 year historical average of 23% for this time period.

The updated progress report also showed that approximately 45% of the winter wheat crop is in good or excellent condition; up from 43% last week and compared to 46% at this time last year.

Corn prices were up about 1% from last week at $3.72/bushel and soybean prices were down 1% to $10.05/bushel. Year-over-year corn prices are down 38%, wheat is down 38% and soybeans are off 22%.

-GDH