Yesterday, the USDA released its weekly planting progress report. Progress in corn planting continues is inline with this time last year, with 48% of the crop already in the ground for the 18 primary producing states, but is well below the 5 year historical average of 71% for similar time periods.

Planting in spring wheat for the 6 primary producing states is currently at 35%; well behind the progress last year of 77% and the historical average for this time period of 78%. For the 18 primary planting states of winter wheat, roughly 40% of the crop has been headed up to this point compared to 34% last year and the 5 year historical average of 48% for this time period.

The updated progress report also showed that approximately 46% of the winter wheat crop is in good or excellent condition; down from 47% last week and compared to 47% at this time last year.

Corn prices were up roughly 4% from last week at $4.13/bushel and soybean prices were up 1% to $11.30/bushel. Year-over-year corn prices are down 32%, wheat is down 27% and soybeans are off 15%.

- Colvin