Yesterday, the USDA released its weekly planting progress report. Progress in corn planting is slightly above last year’s pace, with 3% of the crop already in the ground for the 18 primary producing states. This compares to a 5 year historical average of 4% in similar time periods.

The winter wheat crop is in a much better condition than last year at this time. Of the 2010 crop, 65% is in excellent or good condition, compared to 42% one year ago. In 2009, 25% of the winter wheat crop was in poor or very poor condition while only 6% is in such condition at this time.

Cotton planting progress is at 6%, behind the 5 year average of 9% for the week. Sugar beets are well ahead of schedule with 17% of the crop in the ground compared to the 5 year average of 8% and the 2009 estimate of 4% at this time period.

Prices in corn, soybeans, and wheat futures all increase modestly over the past week. All three commodity prices had severely decreased after the USDA Perspective Plantings estimates were released on March 31st, but these commodities have been on a small rally ever since.

-Colvin