Warm and dry weather allowed farmers to enter their fields to plant the 2014 corn crop over the past weekend.
The USDA estimated 29% of corn acres were planted across the U.S. as of May 4th, a 10% increase from the prior week. The progress is still behind the five-year average of 42%. Of the corn planted, 7% has emerged, 4% above reported levels last year, but 6% below the five-year average.
Soybean acres planted were 5%, behind the five-year average of 11%. The top soybean planted states were Louisiana with 69% and Mississippi with 36%.
Winter wheat conditions were 38% of the crop in poor or very poor condition, compared to 34% last week. Winter wheat in good or excellent condition was 31%, a 2% decrease from last week. Drought stricken fields have been seen throughout the Wheat Belt ahead of the harvest in late spring and early summer.
The May corn contract decreased by 0.7% over the past week ending at $5.03 per bushel, soybean prices decreased by 2.4% over the past week ending at $14.72 per bushel, and wheat prices ended the week at $7.21 per bushel, a 3.0% increase from last week. Year-over-year corn prices are down 20.9%, soybeans are up 7.5%, and wheat is up 2.7%.
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