Nationwide, over 70% of the corn crop is planted now, well ahead of the less than half average for this time of year, according to the latest report from USDA.

“In spite of the wettest weather of the spring, producers in the Midwest still managed to plant a significant acreage of corn and soybeans” last week, says USDA Meteorologist Brad Rippey. “Corn emergence was greatly benefited by the rain and continuing warm weather.” Nearly a third of the crop is emerged nationwide, compared to the average of 13%. Last year, just six percent was emerged by this time.

All of the major corn-growing states are well ahead of average in both planting and emergence. Illinois, Indiana and Missouri all have more than 80% planted and over half emerged already. Iowa has caught up and surpassed the average for the state and progress now stands at 64%, compared to the five year average of 58%. Emergence of 23% in Iowa is more than twice the normal pace for this time of year. Only Texas remains behind the average, with 75% planted compared to 80% normal. Emergence-wise, three states are behind schedule – Pennsylvania and Wisconsin, along with Texas.

“What growers optimistically viewed as a potentially optimal planting season has become a reality in many areas,” said National Corn Growers Association President Garry Niemeyer. “Conditions could still change, but either way, farmers will meet the challenge and produce an affordable, abundant supply of corn.”

This Thursday, the USDA will release the first estimate of the 2012 corn supply and demand and there is speculation that it may include adjustments to the estimate of U.S. carry-out stocks as well as including the first USDA projection of the 2012-2013 U.S. corn crop.