Yesterday, the USDA released its weekly planting progress report. Progress in corn planting continues to outpace this time last year, with 33% of the crop already in the ground for the 18 primary producing states. Current progress compares to 24% last year, but is well below the 5 year historical average of 50% for similar time periods.

Planting in spring wheat for the 6 primary producing states is currently at 23%; well behind the progress last year of 55% and the historical average for this time period of 59%. For the 18 primary planting states of winter wheat, roughly 27% of the crop has been headed up to this point compared to 24% last year and the 5 year historical average of 35% for this time period.

The updated progress report also showed that approximately 47% of the winter wheat crop is in good or excellent condition; up from 45% last week and compared to 47% at this time last year.

Corn prices were up roughly 7% from last week at $3.98/bushel and soybean prices were up 11% to $11.15/bushel. Year-over-year corn prices are down 32%, wheat is down 32% and soybeans are off 12%.