According to the USDA, corn and soybean planting progress each remained below five year average levels during the week ending May 8^th.

Corn:

Corn plantings ended the week at 22% complete, finishing significantly behind last year’s pace of 64% completed and the five year average pace of 50% completed. Progress reached a nine year low seasonal level, finishing below analyst expectations of 25% completed.

Soybeans:

Soybean plantings ended the week at 12% complete, finishing significantly behind last year’s pace of 39% completed and the five year average pace of 24% completed.