According to the USDA, corn and soybean planting progress remained ahead of five year average levels during the week ending May 23^rd but each finished below average analyst expectations.

Corn:

Corn plantings as of the week ending May 23^rd were 90% complete, finishing ahead of last year’s pace of 87% completed and the five year average pace of 80% completed. Corn planting progress finished slightly below analyst expectations of 91% completed, however.

An additional ten percent of the total U.S. corn crop was planted during the week ending May 23^rd. Weekly increases in corn plantings on a percentage basis were led by New Hampshire, followed by Vermont, Wyoming and Ohio.

Corn emergence as of the week ending May 23^rd was 64% complete, finishing ahead of last year’s pace of 61% completed and the five year average pace of 54% completed.

Soybeans:

Soybean plantings as of the week ending May 23^rd were 75% complete, finishing ahead of last year’s pace of 63% completed and the five year average pace of 54% completed. Soybean planting progress finished below analyst expectations of 80% completed, however.

An additional 14% of the total U.S. soybean crop was planted during the week ending May 23^rd. Weekly increases in soybean plantings on a percentage basis were led by Ohio, followed by New York and New Jersey.

Soybean emergence as of the week ending May 23^rd was 41% complete, finishing ahead of last year’s pace of 33% completed and the five year average pace of 25% completed.