Yesterday, USDA reported 66% of the U.S. corn crop is in “good” or “excellent “ condition. This is below last week’s 72% and last year’s 69%.

Despite the report, Henry Kirn, machinery analyst for UBS Investment Research, told investors, “It’s too early to draw any conclusions” about the impact that current conditions will have on the final corn yield in 2012.

Planting Progress by Crop Type

                                             Current               Last           Five-Year

                                             Week                  Year          Average

Corn (% Silking)                         n/a                   n/a              n/a

Soybeans (% Emerged)              90%                 58%            67%

Spring Wheat (% Headed)          15%                  n/a               2%

Winter Wheat (% Harvested)      35%                  16%            9%

Percent of crop in “Good” or “Excellent” condition

                                        Current               Previous           Last

                                        Week                  Week                Year

Corn                                    66%                  72%                 69%

Soybeans                             60%                  65%                 67%

Spring Wheat                       75%                  78%                 68%

Winter Wheat                      53%                  52%                  35%

Pricing

Corn closed at $5.92 per bushel, up 4% from last week, but down 24% from last year.

Soybeans closed at $14.25 per bushel, up 6% from last week and up 3% from last year.

Wheat closed at $6.31 per bushel, up less than 1% from last week, but down 15% from last year.