USDA says U.S. corn planting is nearing completion, soybeans over half seeded. However, traders expected soybeans to be 60% planted.

In its Weekly Crop Progress Report, the USDA estimated U.S. corn 93% planted, ahead of 80% a year ago, and a 89% five-year average. USDA rated the corn crop as 5% very poor-poor, 24% fair, and 71% good/excellent. As of Sunday, 71% of the corn crop has emerged, above 50% from a year ago, and a 62% five-year average, USDA says.

In Illinois and Indiana, farmers are determining that more replanting of corn acreage is needed, due to flooding from previous weeks, the USDA's state reports indicated.

SOYBEANS

For soybeans, 53% of the U.S. crop is planted vs. 44% a year ago and a 57% five-year average. USDA estimates that 24% of the soybean crop has emerged, above 15% a year ago, and a 23% five-year average.

In the past week, Illinois and Indiana farmers made significant advances in soybean planting vs. a year ago. Iowa farmers are just slightly ahead of their year ago pace. Meanwhile, the states of Michigan, Minnesota, Nebraska and Wisconsin used this past week’s warm/dry weather to move them over half-done with soybean plantings.

WHEAT

USDA rated the U.S. winter wheat crop at 9% very poor-poor, 25% fair, and 66% good/excellent. Also, 63% of the crop is headed, below 66% a year ago, and a 68% five-year average.

The U.S. spring wheat is 91% planted, way ahead of the 75% year ago average, and equal to the five-year average. USDA rated the spring wheat crop as 0% very poor-poor, 15% fair, and 85% good/excellent. As of Sunday, 70% of the crop has emerged, sharply ahead of the 42% year ago average, and higher than the 68% five-year average.

COTTON

USDA estimates that 60% of the U.S. cotton crop has been planted, slightly ahead of last year’s 58% average, but behind a five-year average of 63% average.

USDA says U.S. corn planting is nearing completion, soybeans over half seeded. However, traders expected soybeans to be 60% planted.