Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Corn and Soybean Conditions Decrease
Sep 07, 2011
Yesterday, the USDA released its weekly crop progress report. The corn crop condition worsened by two percent over the past week and is significantly lagging behind the historical average. The soybean crop condition decreased by one percent compared to last week’s report as well. The USDA estimated 52% of the corn crop is in good or excellent condition, while 21% is in poor or very poor condition. During this week in 2010, 69% of the crop was in good or excellent condition and only 11% was in poor or very poor condition.
This week the USDA estimated that 71% of the corn crop was dented while 84% was last year in the first week of September; the 5-year historical average is 70%. Out of the entire corn crop, 18% was considered mature by the USDA this week, 9% was mature last week, and the 5-year historical average is 20% in the first week in September.
Of the 18 primary soybean producing states, 16% of the soybean crop is in poor or very poor condition while 56% is in good or excellent condition, which is well off 2010 estimates of 12% and 64% for the second week in September. The USDA estimated that 6% of soybeans were dropping leaves by this week, which is again severely lagging the 5-year historical average of 13% in the first week of September.
The spring wheat harvest is still a little behind historical averages with 71% of the harvest complete so far, while 50% had been harvested by last week. The 5-year historical average is that 81% of the spring wheat crop has been harvested by this week in September.
Corn prices decreased by 2.3% over the past week ending at $7.46 per bushel, soybeans were down 2.7% to $14.48 per bushel, and wheat ended the week down 4.8%, closing at $7.16 per bushel. Year-over-year corn prices are up 66.0%, soybeans are up 37.0%, and wheat is up 1.1%.
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