USDA reported with 96% of the crop now planted, the 2012 corn crop remains ahead of last year’s crop (75%), as well as the average pace over the last five years (81%). USDA also reported 76% of the corn crop is emerged, ahead of last year’s crop (38%) and the average pace over the last five years (48%).

USDA reported 77% of the corn crop is in “good” or “excellent” condition 74% of the spring wheat crop is in “good” or “excellent” condition.

“While May’s WASDE (World Agricultural Supply and Demand Estimates) called for a decline in corn prices for the 2013 crop year, crop prices remain well above historical averages and 2012 is still forecast to be the second strongest farm income year on record, behind only 2011,” Henry Kirn, UBS analyst, said in a note. “We see strong income as likely to lead to strong equipment demand in 2012 including year-over-year growth in the second half of 2012 and solid demand in 2013.”

Corn closed at $6.33 per bushel, up 4% from last week, but down 16% from last year. Soybeans closed at $14.13 per bushel, up 2% from last week and up 3% from last year. Wheat closed at $7.04 per bushel, up 18% from last week, but down 12% from last year.