Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Weekly USDA Crop Progress: Corn and Soybeans Well Ahead of Schedule, Despite Worsening Conditions
Jul 07, 2010
Yesterday afternoon, the USDA released its weekly Crop Progress report. The corn and soybean crops continued their worsening condition, but remained maturing well ahead of schedule. The USDA estimated 71% of the corn crop is in good or excellent condition, while 10% is in poor or very poor condition. Last week, 73% was in good or excellent condition while only 8% was in poor or very poor condition. During this week in 2009, 71% of the crop was in good or excellent condition and 8% was in poor or very poor condition. This week, 19% of the corn crop is silking, according to USDA estimates, while only 7% was last week and 8% this week in 2009. The five-year historical average is 12% of the crop silking in the first week of July.
Of the 18 primary soybean producing states, 97% of the soybeans have emerged. The five-year historical average is also 97%. By this week last year, 95% of the soybean crop had emerged. This week, soybeans again worsened slightly in condition. Ten percent of the soybean crop is in poor or very poor condition while 66% is in good or excellent condition. Last week, only 9% was in poor or very poor condition and 67% of the crop was in good or excellent condition. The USDA estimated soybean blooming this week at 23% of the crop, while the estimate last week was 9% and for this week in 2009 was 13%. The five-year historical average is 20% of the soybean crop blooming by the first week in July.
The winter and spring wheat crops are still in good condition, compared to last year’s crop. In the six primary producing states of spring wheat, 83% of the crop is in good or excellent condition this year compared to only 72% last year. This year, 2% of the spring wheat crop is in poor or very poor condition while 8% was last year. Harvest has been continuing for winter wheat in the 18 primary producing states. The USDA estimates that 54% of the crop has been harvested, while only 38% had been last week. In 2009, 50% of the winter wheat crop had been harvested by the first week in July, while the five-year historical average is 53%.
Corn prices increased 5.8% over the past week, ending at $3.64 per bushel. Soybeans were up 0.5% to $9.62 per bushel, and wheat ended the week up 7.0%, closing at $4.88 per bushel. Crop prices increased because of the bullish USDA Acreage report that was released last week. Year-over-year corn prices are up 5.2%, soybeans are down 29.2% and wheat is off 2.5%. Next week, we look forward to reporting on the USDA’s Crop Progress report, which will include soybean setting pod percentages.
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