Yesterday, the USDA released its weekly planting progress report. Progress in corn planting is considerably above last year’s pace, with 68% of the total corn crop already in the ground for the 18 primary producing states. This compares to a 5 year historical average of 40% in similar time periods, and 2009’s estimate of 32%.

The USDA estimated corn emergence of 19% for the 2010 crop, which is well above both the 5 year historical average of 9% and the 2009 estimate of only 4%.

This week the USDA reported their estimate of soybean planting progress. Of the 18 primary producing states, 15% of soybeans have been planted. The 5 year historical average is 8% and last year only 5% of the crop had been planted by this week.

The planting of spring wheat is coming along as well. The USDA estimates that 60% of the crop has been planted already compared to a 5 year historical average of 47% and last year’s 22%.

The nation’s winter wheat crop continues to be in above average condition. 68% of the winter wheat crop is in good or excellent condition, while only 7% is in poor or very poor condition. Last year, 47% of the crop was in good or excellent condition while 27% was in poor or very poor condition. The percent of headed winter wheat for this year’s crop was 27% this week, which is at the same level as in 2009. The 5 year historical average is 31% for the week.

Corn prices increased 2.6% over the past week ending at $3.61 per bushel and soybeans were down 2.2% to $9.76 per bushel. Year-over-year corn prices are down 10.2% and soybeans are off 14.2%.

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

-Colvin