Marc Schober is the editor of Farmland Forecast an educational blog devoted to investments in agriculture and farmland.
Crop Progress: Corn and Soybean Harvest Exceed the 5-Year Average
Oct 31, 2011
This afternoon, the USDA released its weekly crop progress report. The corn harvest is 78% complete, which is ahead of the 62% 5-year historical average, but behind last year's October 30th percentile of 90%.
Of the 18 primary soybean producing states, 87% of soybeans were harvested by October 30th. Last year at this time 95% of soybeans had been harvested and the 5-year historical average is 79% harvested.
The winter wheat planting progress is at 89%, which is slightly ahead of the 5-year average of 88% and slightly behind last year's progress of 87%. Winter wheat emergence is at 68%, down from the 5-year average of 72% emerged. Winter wheat in poor or very poor condition is at 13%, a 3% decrease from last year at this time. Winter wheat in good or excellent condition is at 46%, a 1% decrease from last year at this time.
Corn prices decreased by 0.06% over the past week ending at $6.47 per bushel, soybeans were down 1.50% to 12.07 per bushel, and wheat ended the week down 2.20% closing at $6.28 per bushel. Year-over-year corn prices are up 12.1%, soybeans are down 1.5%, and wheat is down 10.5%.