We are almost there...97% of the corn crop is in the ground for the 18 primary producing states, according to the USDA's weekly planting progress report. This compares to 97% last year and the 5 year historical average of 99% for similar time periods.

Planting in spring wheat for the 6 primary producing states is currently at 96%; behind the progress last year of 100% and the historical average for this time period of 100%. For the 18 primary planting states of winter wheat, roughly 84% of the crop has been headed up to this point compared to 82% last year and the 5 year historical average of 88% for this time period.

The updated progress report also showed that approximately 44% of the winter wheat crop is in good or excellent condition; compared to 45% last week and 45% at this time last year.

Corn and wheat closed down yesterday while soybeans ended up on pressure from the dollar and what many saw as a weekend of bearish weather. Corn prices were down roughly 2% from last week at $4.35/bushel and soybean prices were up 1% to $12.33/bushel. Year-over-year corn prices are down 34%, wheat is down 24% and soybeans are off 15%.

We expect that as we approach mid-June, many farmers will be giving up on corn and moving to soybeans.

- Colvin