Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Corn and Spring Wheat Ahead of 5-Year Averages
Apr 09, 2012
This afternoon, the USDA released its weekly crop progress report. Corn and spring wheat planting continue to outpace historical averages.
As of April 8th, 2012, the 18 primary corn producing states have planted 7% of their corn, compared to 3% one year prior. 15 of the states have planted more than their 5-year historical average. Illinois has already planted 17% of its corn, compared to its 5-year average of only 1% by the second week in April. Warm weather has prompted farmers to get into fields and plant corn at a historically early time.
Spring wheat has also been planted at an accelerated pace compared to its historical average. As of April 8th, 2012, the 6 primary spring wheat producing states have planted 21% of their crop, compared to their 5-year average of only 5%. South Dakota, which on average the past 5 years has 6% planted by this time, have 52% of their spring wheat planted thus far.
Winter wheat conditions have outperformed 2011's conditions with 61% of the winter wheat crop in good or excellent condition, a 25% increase from last year. Winter wheat in very poor or poor condition is at 10%, a 26% decrease from one year prior.
Corn prices decreased by 0.9% over the past week ending at $6.49 per bushel, soybean prices increased by 0.7% over the past week ending at $14.31 per bushel and wheat prices ended the week at $6.43 per bushel, a 2.1% decrease from last week. Year-over-year corn prices are down 15.5%, soybeans are up 2.8%, and wheat is down 19.3%.