Last week's corn planting gain was fourth lowest of past 20 years.

Nationwide corn planting advanced from 27% complete to now 36% over the past week. That was under the 39% trade expectation. It was also important was we now moved below the 39% five year average pace.

Last week's 9% planting gains were the fourth smallest of the past 20 years.

Nationwide soybean planting advanced from 18% complete to now 25% over the past week. The trade expectation was 28%. The five year average is 21%. Soybean planting slipped from a record pace on April 28 to now the fifth best pace as of May 5. The peak week for planting is typically the third week of May.

Spring wheat planting advanced from 34% complete to now 47%. This was over the 45% expectation. The five year average, for comparison, is 31%.

Current planting is tied for fourth best of the past 10 years.

Winter wheat ratings increased by 1% to now 50% good/excellent condition. The trade expected 49%. The five year average for this week is 45%.

Ratings at this time are not a great proxy for final yields. Historically this week's ratings only explain 28% of final yield variance. That improves to 41% on June 2.

‍