Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Corn Condition Well Above Average
May 21, 2012
This afternoon, the USDA released its weekly crop progress report indicating all three crops, corn, soybeans, and wheat are in above average condition due to favorable weather across the Corn Belt.
As of May 21, 2012, the 18 primary corn producing states have planted 96% of the U.S. corn crop, compared to 75% one year prior. A total of 76% of the U.S. corn crop has already emerged compared to 38% from a year ago. Corn conditions are very favorable as 77% of the crop is in good or excellent condition and only 3% in poor or very poor condition.
As of the third week of May, 76% of U.S. soybeans have been planted, a 41% increase from a year ago, and a 34% increase from its five-year average. Of the 76% planted, 35% has emerged which is an increase from 10% at the same time last year.
The six primary spring wheat producing states have planted 99% of their crop, compared to last year of only 50% in the third week of May. Spring wheat conditions are also favorable as 74% is in good or excellent condition and only 5% is in poor or very poor condition.
Winter wheat continues to outperform 2011's conditions with 58% of the winter wheat crop in good or excellent condition; a 26% increase from last year. Winter wheat in very poor or poor condition is at 14%, a 31% decrease from one year prior. 79% of the winter wheat crop is headed as only 59% was headed at the same time last year.
Corn prices increased by 8.6% over the past week ending at $6.33 per bushel, soybean prices increased by 1.8% over the past week ending at $14.12 per bushel, and wheat prices ended the week at $7.04 per bushel, a 17.7% increase from last week due to dry and hot weather which will reduce wheat production in Ukraine and Russia. Year-over-year corn prices are down 16.6%, soybeans are up 2.3%, and wheat is down 12.7%.
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