Yesterday, the USDA released its weekly planting progress report. Progress in corn planting is still behind this time last year, with 93% of the crop already in the ground for the 18 primary producing states, compared to 94% last year. Current progress is also well below the 5 year historical average of 97% for similar time periods.

Planting in spring wheat for the 6 primary producing states is currently at 89%; well behind the progress last year of 100% and the historical average for this time period of 98%. For the 18 primary planting states of winter wheat, roughly 77% of the crop has been headed up to this point compared to 73% last year and the 5 year historical average of 81% for this time period.

The updated progress report also showed that approximately 45% of the winter wheat crop is in good or excellent condition; in line 46% last week and compared to 47% at this time last year.

Corn, soybeans, and wheat all closed up sharply yesterday on a weaker dollar and strong economic data. Corn prices were up roughly 4% from last week at $4.46/bushel and soybean prices were up 3% to $12.19/bushel. Year-over-year corn prices are down 28%, wheat is down 11% and soybeans are off 14%.

We expect some areas will have to re-plant corn, but most of the corn planting will be completed by June 10th. We expect the market to be focused on the next acreage report at the end of June to see how many acres were lost from the Planting Intentions report.

- Colvin