Yesterday, the USDA released its weekly planting progress report. Progress in corn planting is significantly above last year’s pace, with 81% of the total corn crop already in the ground for the 18 primary producing states. This compares to a 5 year historical average of 62% in similar time periods, and 2009’s estimate of 46%.
The USDA estimated corn emergence of 39% for the 2010 crop, which is well above both the 5 year historical average of 21% and the 2009 estimate of 13%.
Of the 18 primary soybean producing states, 30% of soybeans have been planted and 7% have already emerged. The 5 year historical average is 19% planted and 4% emerged. By this week last year, 13% of the soybean crop had been planted and only 3% had emerged.
The planting of spring wheat was slowed a bit last week, which brought the 2010 planting progress of 67% almost equal to the 5 year historical average of 66%. By this time last year, only 34% of the spring wheat crop had been planted. Spring wheat emergence is ahead of schedule. The USDA estimated that 38% of the crop has emerged already, compared to the 5 year historical average of 28% and last year’s 12%.
The winter wheat crop is still in well above average condition. 66% of the winter wheat crop is in good or excellent condition, while only 8% is in poor or very poor condition. Last year, 46% 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 at 40% this week, which is 2% more than in 2009. The 5 year historical average is 43% for the week.
Corn prices increased 0.8% over the past week ending at $3.64 per bushel and soybeans were down 2.6% to $9.51 per bushel. Year-over-year corn prices are down 13.5% and soybeans are off 18.8%.
Next week we look forward to reporting USDA estimates of corn condition, along with the usual planting progress.
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