The USDA's weekly Crop Progress report shows the corn crop plantings continue to lag prior five-year average pace. The USDA reported that 95% of the corn crop is emerged, down 3% from the previous five-year average and ahead a percentage point from last year at this time. 70% of the corn crop was in good or excellent condition, an improvement from last week’s 69% and above last year’s 57%.

Soybean plantings are 87% completed, down 5% from the previous five-year average, but 4% ahead last year's pace at this time. 72% of soybeans have emerged, slightly ahead last year's pace but 11% behind the previous five-year average. 66% of the soybeans are in good or excellent condition.

The updated progress report also showed that approximately 44% of the winter wheat crop is in good or excellent condition; compared to 44% last week and 47% at this time last year.

Corn, soybeans, and wheat all closed down today due to a stronger dollar, weak equity markets, and broad-based selling of commodities. Corn prices were down roughly 7% from last week at $4.06/bushel and soybean prices were down 3% to $11.97/bushel. Year-over-year corn prices are down 45%, wheat is down 34% and soybeans are off 22%.

- Colvin