After the markets closed today, the USDA released their latest Crop Progress Report for planting. As this planting season has been hit with a lot of rain, the farmers have found it difficult to plant for this season in a timely manner. The below stats are still showing bullish figures for the grain markets. Although corn seems to be getting closer to where it should be at this time of year. Soybeans and wheat are still far from where they need to be. If overseas demand should increase and planting doesn't near the usual percentage, we could see much higher grain prices later in the year. Stay tuned.
Corn:
62% planted
48% last week
70% last yr
85% 5 yr average
Soybeans:
25% planted
14% last week
25% last yr
44% 5 yr average
Spring Wheat:
50% planted
35% last week
92% last year
90% 5 yr average
Oats:
88% planted
80% last week
92% last week
95% 5 yr average
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