Quick take on this week’s Crop Progress with planting season entering later innings. USDA weekly Crop Progress report shows 86% of corn planted (flat year/year, (+3% vs. recent average) and 60% emerged (-5% year/year, +2% vs. recent average). For soybeans, 79% have been planted (+4% year/year, +11% vs. recent average) and 49% emerged (+1% year/year, +9% vs. recent average). Corn acres are now down slightly year/year through Week 8 though soybean acres continue to run well above prior year, based on our estimates. Acreages for both running above recent averages.
Through Week 8 of plant, Corn acres running 4% behind last year, soy 8% ahead based on our estimates; planting progress for both continues to run well ahead of recent averages.
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