Yesterday, USDA issued its weekly Crop Progress report that covered the stage of development for corn, winter wheat and spring wheat crops.

Corn

For the 18 states that planted 92% of last year’s corn acreage, only about 13% of the crop is planted. This compares with the 66% planted at this time last year, and the average of the 2006- 2010 period of 40% planted at this time of the year.

Winter Wheat

For the 18 states that planted 91% of last year’s winter wheat acreage, approximately 33% of the crop is headed. The current crop progress is ahead of the 26% headed at this time last year, as well as the average of the 2006-2010 period of 29% planted at this time of the year.

Spring Wheat

For the 6 states that planted 99% of last year’s spring wheat, only about 10% of the crop is planted. Current crop progress is behind the 57% planted at this time last year, as well as the average of the 2006-2010 period of 43% planted at this time of the year.

Pricing

Corn and wheat futures prices declined last week, while soybean prices were flat

Corn closed at $7.31 per bushel, down 4% from last week, but up 101% from last year. Soybeans closed at $13.90 per bushel, unchanged from last week, but up 42% from last year. Wheat closed at $7.60 per bushel, down 8% from last week, but up 55% from last year.