USDA released its weekly crop progress report today, which shows that corn crop plantings at 79%, are off to a start that is behind last year’s crop (92%), as well as the average pace over the last 5 years (87%). Some 45% of the corn crop is now emerged, behind the 69% emerged at this time last year and the5-year average pace of 59% emerged.

Winter wheat conditions also continue to lag. ?USDA reported that 32% of the winter wheat crop is in "good" or "excellent" condition, vs. 66% at the same time last year. Corn crop conditions are expected to be published next week, while soybean and spring wheat crop conditions will not likely be published until later in the growing season.