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Yesterday, the USDA released its weekly planting progress report. Progress in corn planting is almost complete across the 18 primary producing states. During the last week, 6% of the entire corn crop was planted, bringing the total planted crop to 87%. This compares to a 5-year historical average of 78% in similar time periods, and 2009’s estimate of 61%.

The USDA estimated corn emergence of 55% for the 2010 crop, which is significantly above both the 5-year historical average of 39% and the 2009 estimate of 28%. 66% of the corn crop is in good or excellent condition, while 27% is in fair condition and 6% is in poor or very poor condition.

Of the 18 primary soybean producing states, 38% of soybeans have been planted, and 13% have already emerged. The 5-year historical average is 35% planted and 9% emerged. By this week last year, 23% of the soybean crop had been planted and 5% had emerged.

The planting of spring wheat continued on pace with the 5-year historical average, bringing the 2010 planting progress to 79%, almost equal to the 5-year historical average of 80%. By this time last year, 49% of the spring wheat crop had been planted. Spring wheat emergence is ahead of schedule. The USDA estimated that 55% of the crop has emerged already, compared to the 5-year historical average of 47% and last year’s 21%.

The winter wheat crop continues to be in 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, 48% of the crop was in good or excellent condition while 26% was in poor or very poor condition. The percent of headed winter wheat for this year’s crop was at 52% this week, which is 2% less than in 2009. The 5-year historical average is 56% for the week.

Corn prices decreased 2.2% over the past week ending at $3.56 per bushel and soybeans were down 0.3% to $9.48 per bushel due to falling prices last Friday. YOY corn prices are down 18.5% and soybeans are off 21.0%.

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Source: Weekly USDA Crop Progress: Planting on Track, Corn Emergence 16% Above Average