Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Everyone is Above Average
Apr 23, 2012
This afternoon, the USDA released its weekly crop progress report. Soybeans joined the mix and are outpacing average historical planting percentages as well.
As of April 22, 2012, the 18 primary corn producing states have planted 28% of their corn, compared to 8% one year prior. 16 of the states have planted more than their 5-year historical average. Illinois has already planted 59% of its corn which outpaces its 5-year average of 17%. 9% of the U.S. corn crop has emerged compared to 2% from a year ago.
As of the third week of April, 6% of U.S. soybeans have been planted, a 4% increase from a year ago. Sugar beets planted was at 60% with Michigan finishing up this past week. During the same time last year, only 9% of the entire sugar beet crop was planted.
As of April 22nd, 2012, the 6 primary spring wheat producing states have planted 57% of their crop, compared to the 5-year average of only 19%. South Dakota, which on average the past 5 years has 30% planted by this time, has almost planted their entire crop at 91%.
Winter wheat conditions have outperformed 2011's conditions with 63% of the winter wheat crop in good or excellent condition, a 28% increase from last year. Winter wheat in very poor or poor condition is at 10%, a 30% decrease from one year prior.
Corn prices decreased by 0.2% over the past week ending at $6.22 per bushel, soybean prices increased by 1.2% over the past week ending at $14.37 per bushel, and wheat prices ended the week at $6.25 per bushel, a 1.5% increase from last week. Year-over-year corn prices are down 18.4%, soybeans are up 3.5%, and wheat is down 24.3%.