Crop Plantings Remain a Slow Go

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.