Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: One-Third of Corn Crop Mature
Sep 08, 2010
Yesterday, the USDA released its weekly crop progress report. The corn crop condition worsened by one percent over the past week, but continues to remain close to the historical average. The soybean crop condition remained unchanged compared to last week’s report. The USDA estimated 69% of the corn crop is in good or excellent condition, while 11% is in poor or very poor condition. During this week in 2009, 69% of the crop was in good or excellent condition and 9% was in poor or very poor condition.
This week, 98% of the corn crop has entered the dough stage of growth, while 94% was last week, and the 5-year historical average is 93%. This week the USDA estimated that 86% of the corn crop was dented while 73% was last year in the first week of September, and the 5-year historical average is 71%. Out of the entire corn crop, 33% was considered mature by the USDA this week, 17% was mature last week, and the 5-year historical average is 19% in the first week in September.
Of the 18 primary soybean producing states, 12% of the soybean crop is in poor or very poor condition while 64% is in good or excellent condition, which is unchanged from last week. The USDA estimated that 19% of soybeans were dropping leaves by this week. Last week it was estimated that 8% were dropping leaves while the 5-year historical average is 15% in the first week in September.
The spring wheat harvest is still a little behind historical averages with 76% of the harvest complete so far, while 69% had been harvested by last week. The 5-year historical average is that 85% of the spring wheat crop has been harvested by this week in September.
Corn prices increased 7.2% over the past week ending at $4.51 per bushel, soybeans were up 2.1% to $10.43 per bushel, and wheat ended the week up 6.0%, closing at $7.02 per bushel. Year-over-year corn prices are up 49.1%, soybeans are up 7.7%, and wheat is up 62.8%. U.S. grain prices have recently been increasing due to the crop damaging weather across Russia, Europe and Canada.
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