According to the USDA, corn and soybean planting progress each finished ahead of five year average levels during the week ending May 2^nd. Corn planting progress finished slightly ahead of analyst expectations throughout the week however soybean planting progress finished slightly behind analyst expectations.

Corn:

Corn plantings as of the week ending May 2^nd were 46% complete, finishing slightly behind last year’s pace of 48% completed but remaining ahead of the five year average pace of 36% completed. Corn planting progress finished slightly ahead of analyst expectations of 44% completed.

An additional 29% of the total U.S. corn crop was planted during the week ending May 2^nd. Weekly increases in corn plantings on a percentage basis were led by Iowa, followed by Minnesota and Nebraska.

Corn emergence as of the week ending May 2^nd was eight percent complete, finishing slightly ahead of last year’s pace of seven percent completed but remaining slightly behind the five year average pace of nine percent completed.

Soybeans:

Soybean plantings as of the week ending May 2^nd were 24% complete, finishing ahead of last year’s pace of 21% completed and the five year average pace of 11% completed. Soybean planting progress finished slightly behind analyst expectations of 25% completed, however.

An additional 16% of the total U.S. soybean crop was planted during the week ending May 2^nd. Weekly increases in soybean plantings on a percentage basis were led by Iowa, followed by Illinois and Michigan.