Yesterday, the USDA released its weekly planting progress report. Progress in corn planting is well behind this time last year, with 62% of the crop already in the ground for the 18 primary producing states, compared to 70% last year. Current progress is also well below the 5 year historical average of 85% for similar time periods.

Planting in spring wheat for the 6 primary producing states is currently at 50%; well behind the progress last year of 92% and the historical average for this time period of 90%. For the 18 primary planting states of winter wheat, roughly 56% of the crop has been headed up to this point compared to 47% last year and the 5 year historical average of 60% for this time period.

The updated progress report also showed that approximately 48% of the winter wheat crop is in good or excellent condition; up from 46% last week and compared to 45% at this time last year.

Corn prices were up roughly 2% from last week at $4.22/bushel and soybean prices were up 2% to $11.47/bushel. Year-over-year corn prices are down 28%, wheat is down 25% and soybeans are off 14%.

- Colvin