According to the USDA, corn and soybean planting progress each remained ahead of five year average levels during the week ending May 16^th. Corn planting progress below analyst expectations throughout the week however soybean planting progress finished slightly above analyst expectations.

Corn:

Corn plantings as of the week ending May 16^th were 80% complete, finishing ahead of last year’s pace of 78% completed and the five year average pace of 68% completed. Corn planting progress finished below analyst expectations of 84% completed, however.

An additional 13% of the total U.S. corn crop was planted during the week ending May 16^th. Weekly increases in corn plantings on a percentage basis were led by Delaware, followed by Wisconsin and Maryland.

Corn emergence as of the week ending May 16^th was 41% complete, finishing ahead of last year’s pace of 40% completed and the five year average pace of 35% completed.

Soybeans:

Soybean plantings as of the week ending May 16^th were 61% complete, finishing ahead of last year’s pace of 51% completed and the five year average pace of 37% completed. Soybean planting progress finished slightly above analyst expectations of 60% completed.

An additional 19% of the total U.S. soybean crop was planted during the week ending May 16^th. Weekly increases in soybean plantings on a percentage basis were led by North Dakota, followed by Pennsylvania and South Dakota.

Soybean emergence as of the week ending May 16^th was 20% complete, finishing ahead of last year’s pace of 16% completed and the five year average pace of 12% completed.