Investing.com -- Corn planting reached 38% completion as of this week, matching last year's pace and running 4% ahead of the recent average, according to the USDA weekly Crop Progress report. Emergence stands at 13%, up 3% from last year and 4% above the recent average.

Soybean planting has reached 33% completion, 5% ahead of last year and 10% above the recent average. Emergence for soybeans is at 13%, up 7% from last year and 8% above the recent average.

Through the fifth week of planting, corn acres are running slightly behind last year while soybean acres continue to track more than 20% above the prior year, according to Baird estimates.

Light rain is forecast this week across key corn and soybean states, with Iowa, Wisconsin, and Michigan expected to remain dry. Missouri, Tennessee, and Kentucky are set to receive heavier rainfall, with plantings in Tennessee and Kentucky nearing completion.

December 2026 corn futures recently hit $5 per bushel, with current prices near $4.70 per bushel, the highest level in over a year. May and July 2027 corn contracts are trading just below $5.35 per bushel. Soybeans have rallied to more than $12 per bushel.

Fertilizer and diesel prices remain at elevated levels due to persistent Middle East tensions. The upcoming May WASDE report will provide initial production, yield, and price estimates for the 2026-27 season.