This week's USDA Crop Progress Report shows that only 5 percent of this year's corn crop has broken through the ground. While that's slightly ahead of last year's wet spring, which was 4 percent emerged at this time, it is well below the 5-year average of 14 percent.

As for overall corn plantings, 33 percent of the corn crop was in the ground as of Monday, it is running 5-year average of 50 percent. Only 24 percent was planted by this week a year ago. 

In the major corn producing states, Iowa is reporting the best results, with 60 percent of the corn acreage planted; Illinois and Indiana are only at 5 percent planted.

Looking at soybeans, the report indicated that 6 percent of the crop is in, which is behind the 5-year average of 11 percent. Again, it is slightly ahead of 2008, which had 5 percent of the soybean crop in the ground by now.

The planting delays have offered support to the grain markets, and weather will continue influence price levels as market-watchers keep an eye on planting progress and emergence. Of course, softer demand for corn will limit its upward price movement. Soybean demand, however, remains strong and will lend support to that market.