Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Corn and Soybeans Continue to Mature Quickly
Aug 10, 2010
Yesterday afternoon, the USDA released its weekly crop progress report. The corn and soybean crop conditions both remained unchanged compared to last week’s report, while both crops are continuing to mature at an above average rate. The USDA estimated 71% of the corn crop is in good or excellent condition, while 10% is in poor or very poor condition. During this week in 2009, 68% of the crop was in good or excellent condition and 10% was in poor or very poor condition.
This week, 97% of the corn crop is silking, according to USDA estimates; while 93% was last week and only 87% this week in 2009. The 5-year historical average is that 94% of the crop silking by the second week in August. 52% of the corn crop has entered the dough stage of growth this week, while only 31% was last week, and the 5-year historical average is 40%. This week the USDA estimated that 14% of the corn crop was dented while 5% was last year in the second week of August, and the 5-year historical average is 11%.
Of the 18 primary soybean producing states, 11% of the soybean crop is in poor or very poor condition while 66% is in good or excellent condition, which is unchanged from last week. The USDA estimated soybean blooming this week at 93% of the crop, while the estimate last week was 86%, and for this week in 2009 was 85%. The 5-year historical average is 90% of the soybean crop blooming by the second week in August. The USDA estimated that 71% of the soybean crop is setting pods, while 53% were last week, and the 5-year historical average is 67%.
The winter wheat harvest is behind historical averages with 87% of the crop harvested by this week. Last week, 83% was harvested while the 5-year historical average is 93% by this week in August.
Corn prices increased 3.2% over the past week ending at $4.03 per bushel, soybeans were down 0.5% to $10.48 per bushel, and wheat ended the week up 2.7%, closing at $7.12 per bushel. Year-over-year corn prices are up 23.5%, soybeans are down 4.9%, and wheat is up 51.2%.
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