Yesterday, the USDA released its weekly planting progress report. Progress in corn planting is still significantly above last year’s pace, with 31% of the crop being planted last week, 50% of the total corn crop is already in the ground for the 18 primary producing states. This compares to a 5 year historical average of 22% in similar time periods, and 2009’s estimate of 20%.

This week, the USDA included estimates of corn emergence. 7% of the 2010 crop has already emerged in the primary producing states, which is above both the 5 year historical average of 5% and the 2009 estimated of 2%.

The winter wheat crop is in better condition than last year at this time. Of the 2010 crop, 69% is still in excellent or good condition, compared to 45% one year ago. Still, only 6% of the crop is in poor or very poor condition. 14% of the winter wheat is headed, while 21% is the 5 year historical average this week.

Spring wheat planting has outpaced its 5 year historical average as well. Of the six primary producing states, 43% of the crop has been planted while only 27% is the historical average for the week.

Corn prices increased 1.4% over the past week ending at $3.52 per bushel and soybeans were up 2.2% to $9.98 per bushel. Year-over-year corn prices are down 5.7% and soybeans are off 0.7%.

Next week we will look forward to reporting USDA estimates of planted soybeans, along with the usual planting progress.

-Colvin