While corn and soybean prices continue to march higher, farmers are making progress getting the 2021 crop in the ground. The latest estimates from USDA show soybean planting progress jumped from 3% to 8% in the past week, which is trending 3% ahead of the five-year average. Around 3% of the soybean crop has emerged, which is 1% ahead of last week. Louisiana trails in planting progress, but the other key soybean production states are tracking with the five-year average or even a bit ahead.
USDA estimate 17% of the corn crop is now planted, which is up 9% from last week but still 3% behind the five-year average. Nebraska, Kansas, Iowa, Missouri, Illinois and Pennsylvania are behind the five-year planting pace while most other states are 1% to 2% ahead of schedule.
Cotton planting is also picking up with 12% in the ground. Thats 1% ahead of average.
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